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.