1 in 4 Americans has no emergency savings as the US grapples with wildfires, flooding, and droughts

1 in 4 Americans has no emergency savings as the US grapples with wildfires, flooding, and droughts

7/21/2021 11:42:00 PM

1 in 4 Americans has no emergency savings as the US grapples with wildfires, flooding, and droughts

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from Florida to New York, with viral videos showing the areas of the New York City subway system underwater. Businesses and individuals impacted by the pandemic and climate emergencies may not have sufficient funds saved. Bankrate said financial instability is lingering as a result of the pandemic — last year, nearly 40% of the country's poorest households suffered from unemployment as millions of low-wage positions were eliminated.

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One-third of survey respondents said they have less emergency savings than they did before the pandemic, and almost half of Americans said they are not comfortable with their level of emergency savings. "It takes time to accumulate a sufficient emergency savings cushion equivalent to at least 6 months of expenses," said Bankrate.com chief financial analyst, Greg McBride."This is why the habit of saving – via direct deposit or automatic bank transfer – is so vitally important, as it represents the pathway to accumulating a comfortable savings cushion over time."

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