More than Half of Americans Today Have Less Than 3 Months Emergency Savings

Young Americans might be saving for retirement earlier today but there are still many who are burdened with debt and who wouldn't have enough in an emergency fund to handle a $1,000 emergency if something went wrong.

Previously, a recent survey found that more than half of Americans have less than 3 months savings ready to float them through a tough time.

Other similar surveys have also found that millions of Americans wouldn't be able to handle an emergency of $400 or more, without having to ask someone for help.

For so many that are living paycheck to paycheck that effort to try and save more than $400 in an emergency fund can be difficult.

A great deal of Americans today have zero for emergency savings.

As far as how much they need to feel secure, another survey found that in general about $500k would start to offer some sense of security to many.

But $500k is far below the average recommendations for comfortable retirement savings by manyfinancial advisors today. But overall it depeneds on the persons lifestyle as for what the recommendation might be from those financial advisors.

The good news is that the pandemic gave millions of people the opportunity to get a little bit of extra funding and to have an opportunity to start a new business, find a new job, work from home and save some money, and start to think about their financial situation. This meant that for some they started new savings habits and worked to pay down debt.

not financial advice