1 in 4 Americans Admit to Low or No Savings

Too many Americans save little or no money for emergencies, according to a survey that signals low priority for salting away cash.

A bankrate,com report finds that 23 percent of Americans survey lack any ready cash in a checking, savings or money-market account.

That’s a seven-year low.

Money expert Greg McBride says that's the lowest level of saving in at least seven years. He also says there's a simple way that people can and should fix it ... by paying themselves first through payroll deduction into a dedicated savings account.

The lack of savings comes despite nationwide job gains, rising wages and falling unemployment.

The study also found:

--27 percent of the lowest-income households have accumulated enough savings to cover at least three months' expenses.

--One in four of the highest-income households either have no emergency savings -- or only enough to cover a couple of months' worth of expenses.

--30 percent of younger Baby Boomers (ages 54-63) have no emergency savings – the worst rate in any age group.

--The South has the lower percentage of Americans who claim to have enough saved to cover six months of bills. The Northeast has the lowest percentage.

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