majority of Americans do not have enough savings to last them six months if they were to lose their jobs.
A new survey shows that even though the tough economy has taken a significant hit on household incomes, that has not prompted people to make a more drastic effort to build up their precautionary savings.
Only a quarter of respondents to a national poll said that they had savings equivalent to six months’ salary, even though that is the generally-recommended marking point for financial experts.
At the same time, a staggering 28 per cent of the 1,000 respondents who participated in the Bankrate.com poll had no savings at all.
Overall, a majority- 66 per cent- of respondents had saved at least five months.