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Having an emergency fund set aside for unexpected expenses has long been considered an essential financial goal, but many Americans are now saving less than before.
In fact, 1 in 3 Americans say they don’t have an emergency fund. And the median amount Americans say they have saved for emergencies is $500, according to a survey conducted by budgeting app Empower in June.
That’s $100 less than a median amount of $600 reported in the same survey conducted a year ago by Empower.
“The study suggests financial precarity at a time when household finances may be stretched due to rising prices and inflation,” Rebecca Rickert, head of communications at Empower, said in the study.
Higher earners are reporting smaller emergency savings balances as well. Full-time employees who contribute to their retirement through an account like a 401(k) and have at least $5,000 in their accounts report holding a median of $20,000 in emergency savings — $5,000 less than the median balance reported a year ago, according to a survey conducted by BlackRock published Monday.
How much to put away for emergencies
Generally, financial advisors recommend having three to six months’ worth of expenses stashed in a savings account for emergencies. That means if you’re spending $3,000 a month on rent, groceries and other living expenses, you should have anywhere from $9,000 to $18,000 saved for a rainy day.
But if that amount feels daunting, start saving enough to cover just your essential costs for three months, Alyson Basso, a certified financial planner with Hayden Wealth Management in Middleton, Massachusetts, told CNBC Make It in 2024.
“When planning for an emergency fund, it’s essential to strike a balance between ambition and practicality,” Basso said. In a true emergency, many non-essential costs could likely be cut, so your actual necessary expenses would be lower than what you normally spend.
Even having $2,000 saved can make you happier
Even having at least $2,000 stashed away for an emergency can lead to better financial well-being, according to a May study by investment management company Vanguard.
Among more than 12,000 Vanguard investors, those with at least $2,000 in emergency savings had financial well-being scores that were 21% higher than those without. That jump was the largest boost linked to financial factors measured by Vanguard.
Individuals who had both $2,000 and three to six months’ worth of expenses saved in their emergency fund were associated with a 34% higher financial well-being score. Financial well-being was measured using the Consumer Financial Protection Bureau’s well-being questionnaire.
“People with emergency savings have a higher level of financial well-being, spend less time thinking about and dealing with their finances, and are less distracted at work,” Paulo Costa, senior behavioral economist at Vanguard and co-author of the study, said in a press release.
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