1 in 4 Americans have no emergency savings - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

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1 in 4 Americans have no emergency savings

Do you have an emergency savings fund, six months' worth of expenses to cover you in case you lose your job or are hit by a catastrophic event? According to a new Bankrate.com report, most Americans don't.

Sixty-seven percent of Americans have less than six months' worth of expenses, and half the population has just enough to get by for three months.

People between ages 30-49 are the least likely to have emergency savings, but the 18-30 year olds are the most likely to have enough money for at least five months.

"Many of those under age 30 have the benefit of lower expenses due to roommates, living with their parents or being students," said Greg McBride, Bankrate.com's chief financial analyst. "Ages 30 through 49 are high-spending years when expenses often rise faster than emergency savings can keep up."

The report - conducted by Princeton Survey Research Associates International - suggests 24 percent of Americans feel secure in their jobs. By contrast, 17 percent of people feel less secure in their jobs.

Copyright 2014 WTOC. All rights reserved. 

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