Axios: “Nearly 20% of Americans surveyed say they have zero savings in case of emergency, a recent survey by bankrate.com reports.
Why it matters: With the jobs outnumbering the jobless, a lowering unemployment rate and wages trickling upward, Americans theoretically should have more money to put away for a rainy day fund. If an economic downturn were to occur, the data shows only a small fraction of Americans would be able to comfortably maintain their lifestyle.
By the numbers: 29% of the U.S. say they have enough emergency savings to last them six months or more — an overwhelming majority of respondents, 62%, are “very or somewhat comfortable with their level of emergency savings.”
- Lower-income households are more likely to have no emergency funds, but 27% of lowest-income households have enough savings to last them at least three months.
- Americans lost $19.4 trillion worth of wealth during the Great Recession, per the Treasury Department.
- Even though 23% of people with zero savings is a seven-year low, people are saving the same amount as they were in 2010…”