Savings are as important as income: Low-income families with savings of $2,000 to $4,999 are more financially resilient than middle-income families without savings. (Photo: Shutterstock)
Everyone should have an emergency fund. Generating an income is necessary to meet your day-to-day expenses, but having an emergency fund is an asset — and it's critically important. It's a form of wealth—something that can help you navigate a financial setback, like an unexpected bill or the loss of a job.
Unfortunately, many people don't have one.
Earlier this year, GOBankingRates conducted a national survey that asked whether people had enough savings to cover three common types of financial emergencies: a car repair, a medical emergency, or six months' worth of living expenses if they lost their job. More than half of respondents answered no:
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