Almost a quarter of Americans have less than $100 in their emergency savings fund, according to a recent TNS survey for CashNetUSA. Of the 1,000 participants surveyed, a staggering 22.8 percent reported that if they needed to cover an emergency expense within one day, they would have less than $100 available.
Both males and females reported similar savings patterns, however, 55 percent of Americans with children under the age of 18 reported having less than $800 in emergency savings compared to 42 percent of those without.
These findings also reflect disparities across geographic regions, with 60 percent of individuals living in both the Northeast and the West having $800 or more in savings, yet 31 percent of those living in the North Central region reported that they had less than $100.
So what does this mean for Americans? That now, more than ever, it is crucial to start saving as early as possible. The reality is that accidents occur and emergency expenses arise when you least expect them, so it’s important to be prepared for the worst and to have a backup plan in the event that you don’t have funds readily available. While you can’t predict the future, you can do your best to anticipate it by building a financial emergency fund early and continually adding to it gradually.