Benefits July 23, 2007

Poll: Half of Americans Missing Emergency Stash

July 23, 2007 (PLANSPONSOR.com) - Bankrate, Inc. has found in a survey that over half of Americans polled (54%) are not equipped with an emergency savings fund equal to three months living expenses.
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Other survey findings included, according to a news release:

  • Men are better savers overall, showing savings at 81% versus women at 72%. When it comes to putting aside enough for an emergency savings fund, the gap gets larger, with men totaling 53%, compared to women at 39%.
  • Men gain more interest on their savings then women (81% versus 70%).
  • 70% of 18 to 24 year olds and almost 60% in the 25 to 34 year old category are not prepared in case of a financial emergency.

“Half of all Americans might be on the brink of financial disaster,” said Greg McBride, senior financial analyst at Bankrate.com. “Many people living paycheck to paycheck would not be able to weather a financial storm, such as sudden unemployment or illness.”

The national random-digit-dialed phone study of 1,005 adults 18 or older was conducted for Bankrate by GfK Roper Public Affairs & Media. The surveys were conducted from June 29 through July 1, 2007.

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