Far Too Few Americans are Ready for a Financial Emergency, New Survey Confirms
The majority of Americans are not setting aside enough money in emergency savings to cover a significant unexpected expense, according to a new survey from CIT Bank. That's a problem, because nearly half of American households were faced with emergency expenses in the past year.
"More than one in four U.S. consumers do not save for unexpected events such as a home repair or health expense," said Ravi Kumar, head of Internet Banking for CIT Bank in a press release. "Another quarter of consumers report saving less than 5 percent of their monthly household income for emergencies."