Despite recent job gains, rising wages and falling unemployment, almost a quarter of Americans said they still have no emergency savings, according to an annual Bankrate.com report released Wednesday.
The number of Americans who said they have no money readily available in either a checking, savings or money market account fell to a seven-year low of 23 percent, down from 24 percent last year, the study found. The poll was conducted in June by research firm SSRS, using a national sample of 1,006 people.
“People are not making headway in savings, largely in part because they don’t prioritize saving,” said Greg McBride, chief financial analyst at Bankrate.com.
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