According to the latest poll, Americans’ concern about the state of their emergency fund has increased by 14% in the past two years. Namely, the proportion of respondents concerned about their savings rose from 48% in 2021 and 44% in 2020 to 58% in 2022.
In addition, the ratio of people in the United States comfortable with their emergency funds has dropped to 42% (from 52%).
To be more precise, 75% of Americans who were dissatisfied with the condition of their emergency funds had zero savings or insufficient cash to cover their living expenses for at least three months.
On the other hand, 82% of Americans who claimed to be comfortable with their savings funds had enough cash stored to last them for at least three months.
It should come as no surprise that households with higher yearly incomes were more satisfied with their savings levels. In fact, 59% of households who made more than $100,000 were satisfied with their savings funds, while 46% of those making $50,000 to $99,999 felt the same.
That said, 37% of households that made $50,000 or less per year had no emergency savings, while in 2019, a mere 4% of Americans had $20,000–$49,999 in their savings account.
When it comes to generations, Baby boomers were most comfortable with their savings (49%), followed by Generation X (41%) and Millennials (38%).