WASHINGTON—A new study shows that roughly one-third of American adults don't have any emergency savings.
The report by NeighborWorks America, a national non-profit that supports communities, indicates that more than 72 million people have no cushion to fall back on if they lose a job or face a crisis.
The survey polled 1,035, with 34% reporting they had no money set aside for an emergency, while 47% said their savings would cover their living expenses for 90 days or less.
"This is troubling,'' Paul Weech, president and CEO of NeighborWorks America, told USA Today. "We're concerned because our survey shows that many people are still digging themselves out of the hole that they found themselves in during the Great Recession.''
When it came to financial priorities, only 1% of adults said shoring up an emergency fund was a critical financial goal vs. 5% who agreed a year ago, the study shows. Putting away money for retirement was No. 1, but the number of respondents who felt that way dropped from 28% a year ago to 24% today.