All of us would like to think we have enough money set aside for life’s unexpected emergencies, whether it’s a major car repair, a medical crisis or a leaking pipe that floods the kitchen.
But a new report from Bankrate.com reveals that more than a quarter of Americans have no emergency savings at all.
Gen Xers are in the worst position, as 33 percent of Americans between the ages of 36 and 51 don’t have any emergency savings on hand.
Greg McBride, Bankrate’s chief financial analyst, recommends an emergency savings fund that will cover at least six months’ worth of daily expenses for things like groceries, gas, utility bills and other routine costs that arise.
Just 28 percent of Americans have saved that much. But that’s still a six-year high...