Report finds majority of Americans without savings
A recent study finds that fewer Americans have a significant amount of savings, a problem for those that are faced with unexpected expenses such as medical emergencies as well as car and home repair.
A national survey conducted by bankrate.com found that 63% of Americans reported that they don’t have between $500 and $1,000 in their savings account — enough to cover the most basic of emergency expenses.
Not surprisingly, those most able to withstand those expenses are those with an income of over $75,000 or a college education. But 46% of those within that income bracket said that they would still struggle to pay a $500 emergency expense and 52% of those with college degrees agreed.
According to a 2014 report by the Federal Reserve less than half of Americans reported having a separate savings account that they regularly contribute funds to.
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