CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header


Most Americans Have Little-To-No Savings

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

dl image Most Americans Have Little To No SavingsClick To Win A Disney World Vacation

jacks music match up 1982 Most Americans Have Little To No SavingsPick The Best Song From 1982

grand in your hand11 Most Americans Have Little To No SavingsWin A Grand In Your Hand

155742164 Most Americans Have Little To No SavingsPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

NEW YORK (CBS NEWS) - About half of Americans are unprepared for a financial emergency — with savings tucked away to cover less than three months worth of expenses if income was lost — and a quarter of the country has no rainy day fund whatsoever, according to a survey for Bankrate.

“The majority of Americans still have much work to do in building an adequate emergency savings cushion,” Greg McBride, Bankrate’s senior financial analyst says of the results.

According to Bankrate, all Americans should strive to have enough money in savings to cover six months of lost wages. Only 24 percent of the nation meets that goal, the study shows.

As you might expect, those most likely to have sufficient savings were predominantly wealthier, older Americans. Among people aged 65 or older, 39 percent reported at least six months worth of savings — but 15 percent of this subgroup also said they had nothing saved at all.

For younger Americans, aged 18 to 29, the statistics were far more dire, with 35 percent reporting no savings at all, and a solid majority, 63 percent, saying they had enough to cover three months worth of expenses, at best.

Click Here To Read More From CBS News

Also Check Out:

View Comments