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Millions of Americans Have Little to No Money Saved

FILE - In this Sept. 24, 2013 file photo, a sheet of uncut $100 bills is inspected during the printing process at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas. Nobody knows when exactly, but the day will eventually come when the Federal Reserve nudges its benchmark lending rate from next to zero to something slightly higher. But that doesn’t mean the era of incredibly low interest rates will be over. (AP Photo/LM Otero, File)
In this Sept. 24, 2013 file photo, a sheet of uncut $100 bills is inspected during the printing process at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth, Texas. (AP Photo/LM Otero)

 

(USA Today) – Millions of Americans have no savings set aside for a rainy day, leaving them in serious jeopardy if financial calamity strikes, according to two new studies released this week.

Roughly a third of American adults don’t have any emergency savings, meaning that over 72 million people have no cushion to fall back on if they lose a job or have to deal with another crisis, according to a survey released today by NeighborWorks America, a national non-profit that supports communities.

Among the 1,035 adults who took part in the poll, 34% had no money set aside for an emergency, while 47% said their savings would cover their living expenses for 90 days or less.

“This is troubling,” Paul Weech, president and CEO of NeighborWorks America, said in an e-mail. “We’re concerned because our survey shows that many people are still digging themselves out of the hole that they found themselves in during the Great Recession.”

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