In the latest non-shocking financial survey conducted by Bankrate, we find that roughly a quarter of respondents said they had NO emergency savings. Zero, zilch, zip, nada. A further 25 percent had less than three months’ worth of expenses saved, so altogether, about half of respondents had less than three months of expenses saved up.
Bankrate: Financial Security Index, June 2014
A cursory glance of my “Statistics” category of previous posts tells me that the dismal figures Bankrate reports here aren’t far off from what we’ve seen from other sources lately.
Also from the poll: Among those earning $75k or more per year, only 46 percent have at least six months’ worth of expenses saved.
Readers know that I love polls and stats like these, but gosh darn, how come these polls never seem to ask the ancillary question: For those with any savings, how much are they also carrying in revolving credit-card debt?
Because something tells me that if these same respondents divulged THAT as well, then their “true cash savings” would emerge … and savings rates would be significantly worse.