Almost half of Americans (49 percent) don't have enough emergency savings to pay for three months of expenses, according to a Bankrate.com research. That's up from 46 percent in 2011.
Scott G Winterton, Deseret News
Almost half of Americans (49 percent) don't have enough emergency savings to pay for three months of expenses, according to Bankrate.com research released Monday. That's up from 46 percent in 2011.
And some Americans don't have any emergency funds at all. Twenty-eight percent of Americans don't have an emergency fund, up from 24 percent at this same time in 2011, according to Bankrate.com. It's generally recommended that people have an emergency fund big enough to cover six months of expenses, but just 25 percent of Americans have that much saved up.
Also, 32 percent of consumers are currently less comfortable with their savings than they were last year, according to the research. Eighteen percent of respondents are also less comfortable with their debt than 12 months ago.
EMAIL: bbullock@desnews.com
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There is wisdom in having an emergency fund to see one's family through unexpected difficulties. The problem is that with the ailing economy, many of us never have anything extra to set aside for a rainy day since it seems to be raining all the More..
It would be wonderful if Americans could set aside an emergency fund to get them through disasters and I believe that most Americans would love to be able to do that, however,
it is difficult enough for Americans to make it from pay check to pay More..