A new study by Bankrate.com found that only 24 percent of Americans have a six-month emergency savings cushion, while another 24 percent have no emergency savings whatsoever.
Coupled with the fact that 6.2 million Americans have been out of work for six months or longer, the lack of savings is espcially worrisome.
"The majority of Americans still have much work to do in building an adequate emergency savings cushion," said Greg McBride, senior financial analyst for Bankrate.com. "Those most likely to have an adequate savings cushion are individuals in their 50s and 60s and higher-income households. But even among these groups, at least half do not have six months' expenses in an emergency fund."
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