{"id":22866,"date":"2024-12-04T23:03:13","date_gmt":"2024-12-04T23:03:13","guid":{"rendered":"http:\/\/www.thinkadvisor.com\/2024\/12\/04\/americans-grow-more-committed-to-emergency-savings-survey\/"},"modified":"2024-12-04T23:03:13","modified_gmt":"2024-12-04T23:03:13","slug":"americans-grow-more-committed-to-emergency-savings-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/12\/04\/americans-grow-more-committed-to-emergency-savings-survey\/","title":{"rendered":"Americans Grow More Committed to Emergency Savings: Survey"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/908875397\/0\/thinkadvisor.jpg\"><img decoding=\"async\" src=\"https:\/\/feeds.feedblitz.com\/-\/908875397\/0\/thinkadvisor.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/06\/02_Dollars_Coins_Jar_Emergency_Savings_Shutter_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><!----><!----> <\/p>\n<div data-v-3b62a44e readability=\"12\">\n<p>Overall, 52% of respondents say they\u2019ve had an emergency fund for more than two years, while 19% have had a fund open for between one and two years. Some 6% started saving for emergencies within the past three months, leaving 23% who started between four and 11 months ago.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e readability=\"9\">\n<p>Among the 37% of respondents who don\u2019t have an emergency fund, 86% said that they don\u2019t have extra money to set aside.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e readability=\"14\">\n<p>\u201cAlthough this reflects their financial reality and feelings of financial instability, there\u2019s an opportunity for employers to provide education on the basics of emergency funds,\u201d the report suggests. \u201cFor example, 12% of employees don\u2019t know how to create an emergency fund, and 4% don\u2019t think they need one.\u201d<\/p>\n<\/div>\n<p> <!----> <\/p>\n<div data-v-3b62a44e readability=\"8\">\n<p>Fully 54% of respondents say they have previously tapped their retirement account for emergency financial needs \u2014 even though 63% reported that they have emergency savings.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e readability=\"19\">\n<p>\u201cThis tells us that workers\u2019 current emergency savings might not be sufficient, or that they may be unaware of the consequences of early retirement account withdrawals,\u201d the report warns. \u201cWe always recommend having at least six months of expenses saved for a solid financial safety net. That may not be possible for everyone, but saving as much as you can, even if it\u2019s only a small amount of each paycheck, is important to help mitigate the need to use retirement savings.\u201d<\/p>\n<h2>Money In and Money Out<\/h2>\n<p>Overall, 47% of respondents say they have had to use funds from their emergency savings account within the past 12 months.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e readability=\"13\">\n<p>The most common expense paid with emergency funds is rent or bills, cited by 40%. Next come home or car repairs (37%), medical expenses (31%), paying for living expenses during temporary unemployment (20%), and supporting a friend or relative financially (18%).<\/p>\n<\/div>\n<p><!----> <\/p>\n<div data-v-3b62a44e readability=\"12\">\n<p>Less commonly cited expenses include discretionary spending (14%), education costs (12%), down payments on a house or car (12%), vacations (12%), and paying down student loan debt (11%).<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e readability=\"14\">\n<p>Millennials, at 53%, were the most likely to have tapped their emergency fund in the past 12 months, while baby boomers, at 35%, were the least likely. Those with student debt were almost twice as likely (62%) as those without student debt (37%) to have tapped their emergency fund.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-3b62a44e>\n<p><i>Credit: Shutterstock<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Overall, 52% of respondents say they\u2019ve had an emergency fund for more than two years, while 19% have had a fund open for between one and two years. Some 6% started saving for emergencies&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/12\/americans-grow-more-committed-to-emergency-savings-survey.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22866"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22866"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22867"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}