High inflation and interest rates since the COVID-19 pandemic have continued to make it difficult for people to feel comfortable with their level of emergency savings, according to Bankrate’s recent 2024 Annual Emergency Savings Report.
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Nearly six in 10 (59%) U.S. adults are uncomfortable with their level of emergency savings, according to the Bankrate poll. Before 2022, the percentage had been rising, from 37% in 2018 to 44% in 2020, 48% in 2021 and 58% in 2022. This year, it hasn’t changed much from 57% in 2023.
Since 2014, the survey has annually polled more than 1,000 U.S. adults about their level of debt and emergency savings. The most recent data, polled in May 2024, also examined how much savings people would need to feel comfortable and if they have that much saved.
Common personal finance advice recommends keeping three months of expenses in a savings account in case of a job loss or other emergency, and Bankrate’s data shows most people agree with that. The vast majority (89%) of U.S. adults say they would need at least three months of expenses saved to feel comfortable. Despite that, only 44% of Americans have at least three months of expenses saved, according to Bankrate.
