Experts recommend that Americans have at least three to six months of income in the bank to pay for unexpected emergencies.
A survey by bankrate.com, however, finds that 24 percent of Americans have no emergency savings at all.
Further, and another 36 percent wouldn’t have enough savings to cover even a $500 expense if it came up unexpectedly.
Greg McBride, chief financial analyst for Bankrate, says there's a way you can do something about that immediately – and that’s to have money withdrawn from your paycheck, before you even see it, and have it direct-deposited into a savings account.
The U.S. savings shortage comes under the shadow of debt. Americans now owe $1 trillion in each of three areas -- credit cards, car notes and student loans.