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Only 48% of Americans can cover an emergency expense: How employers can help

Retirement savings is often a casualty for those who have inadequate emergency savings but providing employees with savings tools and resources will shine a spotlight on the need to save for both short-term and long-term goals.

By Scott Wooldridge | September 11, 2023 at 11:39 AM
George Washington on dollar bill with falling red stock chart and downward arrow on his face (Photo: Shutterstock)

A little over half of Americans think they don’t have enough in emergency savings, a new report from Bankrate has found. The rate of respondents who say they have sufficient emergency savings to cover three month’s worth of expenses is at 48%–similar to 2022, when inflation was at a 40-year high.

It’s possible that ongoing concerns about inflation, and talk of a recession, has focused Americans on the issue more than in the past, and the bad economic news has people worried, according to Greg McBride, chief financial officer with Bankrate. “The economic gyrations over the past four years have underscored the importance of having emergency savings, with an increasing share of Americans thinking it will take a bigger savings cushion to feel comfortable with it,” he said.

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