If the standard financial wisdom is true – that surviving a financial catastrophe requires a 6-month cache of emergency savings – then two-thirds of Americans may be in for a nasty surprise.
Only a quarter of U.S. adults have more than six months of funds set aside and readily accessible for such disasters; 28% had none at all, according to Bankrate.com.
Of the 1,000 survey respondents, 17% said they had three to five months of expenses squirreled away in case of job loss, sudden medical bills or other unexpected events; 9% didn't answer the question.
A similar report earlier this year found that 43.1% of Californians have little to no financial cushion when factoring out homes and other assets that can't be quickly or easily converted into cash.
Retirees are better prepared – more than four in 10 have at least six months of a financial buffer, according to
At least more people than not feel increasingly stable in their jobs: About a quarter said their sense of professional security is increasing from a year ago, compared with 16% who said the opposite. Men tended to be less worried about their status at work than women.
Same goes for net worth. More than a quarter of adults (more men than women) believe that their total assets minus debts are currently higher than they were 12 months prior, compared with 20% who think their value has declined.
Younger respondents report being better along than their older peers.