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24% of Americans Have Absolutely No Emergency Savings. And That’s Good News!

Imagine losing your job or getting hit with an unexpected medical bill.  Chances are you have a some money stashed away to help pay for emergencies.  But 24% of Americans don’t have a single dollar set aside to pay for these emergencies. When an emergency affects them, they have to use credit cards, borrow, or make very difficult decisions about how to pay for emergencies.

But there is a silver lining to this statistic.  This is at the lowest level since 2011, when started doing this poll.  In fact, almost 1 out of 3 Americans have enough cash to cover six months worth of living expenses, which is the highest has seen.

When looking at a client situation, this is one of the very first areas we review.  We want to make sure that if an emergency were to arise, that our client would have enough cash to cover the expenses that would arise.

If you’re interested in reading more about the recent study, you can read more here.