Source: Dave Carpenter / The Huffington Post
A survey released Monday by financial data publisher Bankrate.com found that only 24 percent of consumers have the recommended cushion of at least six months’ expenses set aside. The vast majority aren’t ready for contingencies; another 24 percent don’t have any emergency savings at all.
With 6.2 million people out of work for half a year or longer, the results underscore just how unprepared many are at a time when both job security and the economy pose concerns.
“The majority of Americans still have much work to do in building an adequate emergency savings cushion,” said Greg McBride, senior financial analyst for Bankrate.
The survey results are somewhat surprising, he said, in that the high rates of both joblessness and underemployment dating to the 2007-09 recession have driven home the need for emergency savings. Yet the challenges of the economy and job market also have limited the ability to sock money away for unexpected expenses.
To read this article in its entirety visit The Huffington Post.
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