The median emergency savings balance for Americans:
* Overall: $500
* Gen Z: $400
* Millennials: $300
* Gen X: $500
* Boomers: $2,000
A third (30%) do not believe they could handle unexpected expenses that could arise in the year ahead. Close to 1 in 5 Americans say their savings would cover less than a month of expenses (18%).
The majority (63%) say the rising cost of living has made it harder to build or maintain emergency savings, and 35% say the economy and tariffs have caused them to increase their contributions. More than half (58%) say saving for emergencies feels "almost impossible" with how expensive everything is right now.
In the past year, many have faced unplanned financial events including:
(BPT) - The median emergency savings for Americans is $500, according to new Empower research. The size of the safety net varies by generation, with Boomers saving a median of $2,000 - five times that of Gen Z's reserves of $400. One-third of Americans (32%) don't have an emergency savings fund and 29% say they can't afford an unexpected expense over $400.
Half of Americans admit they're stressed about their current level of emergency savings (50%) and recognize the importance of a safety net. Some 75% of Americans agree emergency savings are essential for financial security and 64% say it's a financial priority for them.
Emergency savings are top of mind - and a moving target
The majority of Americans (64%) say growing their emergency savings is a financial priority right now - even if they're still finding their financial footing. So where do things stand?
Americans Have $500 in
Emergency Savings
MIND YOUR BUSINESS
Article from BPT Website