— Nearly 3 in 10 Americans have no emergency savings,
the highest level in five years, according to a survey
wages have been rising, 29 percent of adults have
nothing to tap in the case of a job loss or other
financial difficulty, the survey by Bankrate.com found.
figure, up from 26 percent last year, is the highest
level since the financial information website began
asking the question in 2011 in the wake of the Great
65 percent of respondents don’t have a sufficient
emergency cushion, defined as enough savings to pay for
at least six months of expenses, the survey said.
results are further evidence that Americans remain
woefully under-saved for unplanned expenses," said
Greg McBride, Bankrate’s chief financial analyst.
helps you sleep better at night than knowing you have
money tucked away for a rainy day," he said.
Americans know that feeling.
22 percent of the 1,000 respondents said they had enough
savings to pay for at least six months of expenses, also
the lowest level in five years.
15 percent have enough to cover three to five months,
and 21 percent said they had some savings but not enough
for three months of expenses.
decline in the percentage of Americans with emergency
savings came despite larger paychecks.
the 12 months through May 31, wages grew by 2.3 percent,
about a percentage point greater than the pace of core
Americans overall feel better about their financial
situation this year, the survey found.
financial security index, which measures respondents’
views on a variety of issues, has improved in 2015 and
has been in positive territory for 13 straight months