Nearly 1 in 4 Americans have no emergency savings, study finds

NEW YORK — While savings habits have improved, nearly a quarter of Americans still have no emergency savings fund, a new study finds.

Researchers at, a personal finance website, conducted telephone interviews with over 1,000 Americans in early June, hoping to learn more about the financial state of the average American.

Piggy bank savings
Nearly a quarter of Americans, especially baby boomers, have no emergency savings funds to turn to should trouble strike.

From the interviews, the researchers found that the number of Americans without a rainy day fund had decreased by four percent from a year prior — 28 to 24 percent — while 31 percent of respondents indicated that they had sufficient savings to cover six months’ expenses.

Interestingly, individuals in the 53 to 62 age bracket were found most likely of all demographics to have no savings (32 percent), although an equivalent percentage had enough to cover half a year’s expenses.

The oldest demographic polled, which was those 63 years of age or older, were the least likely to have no savings (17 percent), and most likely to have a reserve that would suffice for at least six months (44 percent).

According to the results, a quarter of Millennials and Gen Xers don’t have any savings, although many younger Millennials— those aged 18 to 26— have enough saved to cover three to five months of expenses.

The researchers found that individuals with higher levels of income and education were more likely to have a rainy day fund, while the inverse was true for those with less income and education.

In terms of regions of the U.S., Midwesterners were the most likely to have six months of savings, while Southerners were the least likely.

These findings come amidst general financial stability amongst Americans, as illustrated by a number of factors, including diminished levels of debt and increased feelings of job security.

Bankrate’s survey has a sampling error of 3.7 percentage points.


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