One in four Americans have ZERO money saved for a rainy day
Nearly a quarter of Americans have zero savings to pay for emergency situations, according to a new survey by financial services company Bankrate
Only 31 per cent of Americans have an ‘adequate’ amount of emergency funds, equivalent to six or more months’ worth of expenses money
27 per cent of young millennials, ages 18 to 26, said they had three to five months’ worth of money saved for situations like layoffs or medical bills
DAILYMAIL.COM
20 June 2017
Nearly a quarter of adult Americans have zero savings to pay for emergency situations including a layoff or major medical bills, new research has revealed.
Bankrate’s newly released June Financial Security Index survey indicates that 24 per cent of Americans have not saved any money at all for their emergency funds.
This is despite experts recommending that people strive for a savings cushion equivalent to the amount needed to cover three to six months’ worth of expenses.
Surprisingly, Bankrate says that this is a good thing — the percentage of people with zero savings for a financial emergency is actually now at its lowest rate since the financial services company began polling in 2011.
The June survey also found that 31 per cent of Americans have what Bankrate considers an ‘adequate’ savings cushion — six or more months’ worth of money to pay expenses — which means that nearly two-thirds of the country isn’t saving enough money.
Still, Bankrate notes, 31 per cent of people with adequate savings marks a vast improvement over the last seven years and is the highest percentage of people with that level of savings.
Bankrate broke down its survey results to distinguish between baby boomer and millennials’ savings habits.
Of the 1,003 adults surveyed, the financial services company found that young millennials — ages 18 to 26 — frequently fell into the category that saved three to five months’ worth of expenses money.
The Rest…HERE
