Majority of Americans Lack Adequate Savings for Unexpected Expenses

High inflation and paycheck-to-paycheck living contribute to financial vulnerability, with many unable to handle a $1,000 emergency expense.

Nearly half of Americans have $500 or less in their savings accounts, leaving them vulnerable to unexpected expenses.
60% of Americans have $500 or less in their checking accounts, suggesting many are living paycheck to paycheck.
44% of Americans can't pay an unexpected $1,000 expense from savings, with one-third saying they would have to borrow the money.
High inflation has been cited as a major obstacle to saving, with 63% of respondents saying it has left less room to save for emergencies.
Financial experts recommend building an emergency fund worth three to six months of expenses, but many Americans struggle to do this.