Estimates of the number of Americans with no financial savings vary, but all are lower than two thirds.
A July 2021 survey by Bankrate found that one in four Americans (25%) have no backup cash in the event of an emergency — up from 21% in 2020.
A February 2021 survey by GOBankingRates found that 40% of Americans had less than $300 in savings.
GOBankingRates reported in 2019 that 45% of Americans had $0 dollars in a savings account. Respondents attributed their inability to save to living paycheck-to-paycheck and a high cost of living. The top cited solution to these issues was a higher salary.
A 2019 Federal Reserve survey found 12% of respondents could not afford a $400 expense, while an additional 37% would use credit cards, borrowing, or selling to cover it.
Most financial planners recommend maintaining an emergency fund capable of covering 3-6 months of expenses.