While the increase in people who have emergency savings funds is encouraging, it’s still not quite enough for finance experts to rest easy. Those who said they had “some savings,” but not enough to cover three months of expenses, increased from 18% to 20%. Those who had three to five months of expenses covered nudged a bit higher, from 16% to 17%. Advisors say people should have at least six months of expenses socked away in case of an emergency, such as job loss, illness, or other major life events.
People’s savings habits varied by age; perhaps surprisingly, people ages 53-62 were the most likely to have no emergency savings set aside at all. But older folks – those 63 and over – were the least likely to lack savings of any kind. This group was also the most likely to have a full six months of savings in the bank, with 44% of them reporting they had emergency funds to cover six months or more.
Millennials and Generation Xers were equally likely to have no emergency savings, with fully one-quarter of each saying they have no savings at all. Generation X is the most likely to have “some” savings, but less than three months’ worth, and 31% of Millennials have enough to cover three to five months of bills and other expenses.
Income and education also factored in, with those who made more money and were more educated being more likely to have at least six months of savings put away.
Read Also Related News
Tis the season to spend money we may not have on things we may not need. As the winter holidays approach, many kids are preparing their letters to the North Pole and dreaming of the presents they hope will be under the tree on Christmas...
If you’ve ever had trouble making – and sticking to – a budget, you’re not alone. A recent survey showed that while 92 percent of Americans believe everyone needs a budget to keep their finances in order, only 70 percent are...
If you’re trying to plan for your financial future, you are probably trying to balance a few different priorities. Putting money aside for retirement, managing any investments you may have, and paying off debt are just a few of the...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...