Just as is the case with retirement savings, there's a common theme when it comes to Americans and finances: We're just not prepared enough.

There's a long list of data telling us we aren't prepared for a rainy day—or barely even a week from now: A Bankrate.com survey found that only 24 percent of consumers have the recommended cushion of at least six months' expenses set aside. The vast majority isn't ready for contingencies; another 24 percent don't have any emergency savings at all.

And while a majority of us are outspending our income and charging new plasma TVs instead of padding our savings, we're getting hit hard by real problems, health care most often topping the list.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.