Survey: 65% of Americans Do Not Have Sufficient Emergency Savings

Press release from the issuing company

Friday, July 31st, 2015

Just 22% of Americans have an adequate emergency savings cushion – enough to cover at least 6 months' of expenses, according to a new report.  Twenty-one percent have less than three months' expenses saved up, and only 15% have enough to cover between 3 months' and 5 months' expenses. The number of Americans with no emergency savings whatsoever has climbed to a 5 year high of 29%, up from 26% last year.

"These results are further evidence that Americans remain woefully under-saved for unplanned expenses and rather than progressing, are moving in the wrong direction," said Greg McBride, CFA, chief financial analyst at

Surprisingly, adults under age 30 are more likely than any other age group to have savings that would cover up to 5 months' expenses – evidence that they are actively saving. And even though the likelihood of having no emergency savings was fairly even among all age groups, it was lowest for adults under age 30.

Americans' financial security remains at a high level.  This month's Financial Security Index clocks in at 104.5, with little change from one month ago.

  • Job security, net worth, comfort level with debt, and overall financial situation remain areas of strength, each noting improvement from one year ago. 
  • Comfort level with savings remains the laggard, with more Americans noting deterioration in savings (24%) rather than improvement (21%) from one year ago. However, the gap is narrowing. 
  • Women's feelings of financial security outpaced those of men this month, driven by stronger feelings of job security and a less dour mood on savings.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

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