Most Americans have inadequate savings, but they aren’t sweating it
New Survey Conducted by SSRS for Bankrate
Americans are comfortably numb with their savings plight.
Experts recommend households hold six months’ worth of emergency expenses in a savings account as a buffer against spiraling into debt should disaster occur. Just 29 percent of adults say they have that large a reserve, according to a new Bankrate survey.
You would guess Americans with insufficient savings would be wracked with angst and determined to beef up their funds.
A majority of respondents — 62 percent — say they are either very or somewhat comfortable with their level of emergency savings, according to the Bankrate survey. Which means many families are living on a knife’s edge, yet not resolute to do anything about it.
“The goal should be to have enough emergency savings to cover six months’ expenses – and anything less than that should cause discomfort,” says Greg McBride, CFA, Bankrate chief financial analyst.