How many Americans have no savings? (2024)

FAQs

How many Americans have no savings? ›

But despite the larger pressures, they're not satisfied with their situation; 57% of respondents said the current state of their savings is stressing them out. Nearly one in four (22%) of U.S. adults have no emergency savings at all, Bankrate found—the second-lowest percentage in 13 years of polling.

As of May 2023, more than 1 in 5 Americans have no emergency savings. Nearly one in three (30 percent) people in 2023 had some emergency savings, but not enough to cover three months of expenses. This is up from 27 percent of people in 2022. Note: Not all percentages total 100 due to rounding.

Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate's survey of more than 1,000 respondents conducted in December. That is up from 43% in 2023, yet level when compared to 2022.

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. Another 33% have less than $50,000 saved.

Despite this potential for high returns, our survey revealed that while most Americans (68%) reported having a standard savings account, few are taking advantage of more lucrative options, such as high-yield savings accounts (24%) or CDs (14%).

14% of Americans Have $100,000 Saved for Retirement

Most Americans are not saving enough for retirement. According to the survey, only 14% of Americans have $100,000 or more saved in their retirement accounts. In fact, about 78% of Americans have $50,000 or less saved for retirement.

More than one-quarter of them have no retirement savings at all, according to a new study by the personal finance website GoBankingRates . The study surveyed more than 1,000 U.S. adults about their long-term savings, and the results were alarming: 28% had absolutely nothing saved for retirement.

Limited income and expenses

For many people, the balancing act between income and expenses leaves little wiggle room for savings. The majority of Americans — 60% according to a LendingClub report — live paycheck to paycheck, with no additional funds left over after they cover expenses each month.

GOBankingRates recently surveyed 1,000 Americans ages 18 and older to learn more about their banking practices and found that 36% have no more than $100 in their savings account. In a similar study conducted in late 2022, 33% of Americans responded they had $100 or less in savings.

A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey's recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That's a slight increase from last year's results, which found that 58% of Americans considered themselves to be living paycheck to paycheck.

Is it bad I don't have a savings account? ›

While opening a savings account may feel unnecessary if you don't have a lot of cash to store in it, it can be a great way to start growing your money over time. Savings accounts may offer a secure and low-risk place to store your funds while keeping them accessible.

Savings accounts are essential for financial health and stability. They provide a safe place to store and grow your funds while offering easy access when needed.

Definition of “Living Paycheck to Paycheck”

But what does it mean? For the purposes of this survey, living paycheck to paycheck describes a financial scenario in which an individual or family's income barely covers essential living expenses like housing, utilities, groceries and transportation.

A recent GOBankingRates survey uncovered concerning findings about Americans' saving habits. The survey found that 17.36% of respondents do not have even one savings account.

The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account. Breaking the survey data down a bit further, we find that 34% of Americans don't have a dime in their savings account, while another 35% have less than $1,000.