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Report: 1 in 4 Americans have no emergency savings

WASHINGTON - About one in four Americans have no emergency savings to pay for sudden expensese that may arise, according to a new Bankrate.com survey.

The survey found 26 percent of Americans have no emergency savings and 67 percent have less than the recommended six months' worth of savings.

Fifty percent said they have saved less than three months' expenses.

People between ages 30 and 49 are more likely than any other age group to have no emergency savings, according to the survey. Participants between 18 and 30 are the most likely to have up to five months' expenses saved up.

The survey found 36 percent of people with a high school education or less said they had no emergency savings, while 10 percent of college graduates had no emergency savings.

The survey, released Monday, conducted phone interviews with more than 1,000 adults living in the continental U.S. in June about their personal finances.

 
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