More than two in five Americans — and nearly half of women — do not have emergency savings funds, according to a recent survey by U.S. News and World Report. The survey also found that 40% of Americans couldn’t cover a $1,000 emergency expense with cash or savings, although 60% of respondents said they had an unexpected expense pop up in the past year.
Forty-nine percent of women do not have emergency funds compared to 36% of men, according to the report. The median balance for people who had emergency funds was $6,500 among women and $11,000 for men.
Roughly 82% of Americans said they have a financial goal for 2025, with the most common goals being saving money and paying off debt. The survey also found that most Americans consider their emergency funds separate from their savings accounts, with most saying they tapped into their fund to cover holiday spending.
