2 in 3 say the affordability crisis has affected their emergency savings
With many Americans struggling to build a financial safety net, the personal-finance website WalletHub released its 2026 Emergency Savings Survey, highlighting the biggest obstacles to saving for a rainy day and people’s expectations for their progress this year. View the full report and infographics here.
Having emergency savings is important because it prevents your finances from unraveling due to unexpected life events, such as hospitalization, auto repairs, or sudden unemployment. Ideally, your emergency fund should be able to cover at least three to six months’ worth of expenses. However, saving that much money can be very difficult in the current economic environment. For example, in a new, nationally representative survey conducted by WalletHub, 64% of respondents say their income hinders their ability to save for emergencies.
WalletHub’s survey asked a variety of questions about people’s emergency savings, their ability to handle unexpected expenses, and the impact of inflation. You can check out the results below.
Key Stats
- Safety Net Shrinking: 2 in 3 Americans say the affordability crisis has affected their emergency savings.
- Not Enough Saved to Save: Nearly 1 in 5 Americans say they couldn’t come up with $1,000 in cash within 24 hours to save a loved one’s life.
- Saving Struggles Persist: 64% of Americans say their income hinders their ability to save for emergencies, while 36% blame inflation and another 36% point to their debt.
- Low Yield Trap: Nearly 2 in 5 people earn less than 3% APY on their emergency fund.
- Budgeting for Emergencies: 59% of people say they include emergency savings in their monthly budget.
- Relying on Others: More than 1 in 4 people expect someone else to bail them out if they run out of money.
“An emergency fund is like a financial safety net, and many people are walking a tightrope trying to make ends meet in this unaffordable environment without anything to catch them if they slip or the winds of fortune change. That’s dangerous, stressful, and understandable to an extent. According to a new WalletHub survey, 64% of Americans don’t feel like they earn enough to properly save for emergencies, and 36% blame inflation. These are legitimate obstacles, not just excuses. But when nearly 1 in 5 people can’t come up with $1,000 in cash within 24 hours in order to save a loved one’s life, something has to change. Including emergency fund contributions in your budget is a start, and not enough of us currently do that. Earning more interest on your savings is important as well, and a lot of us are deficient in that regard, too.”
– John Kiernan, WalletHub Editor
Full Survey & Responses
| How long could your emergency savings cover your expenses? | |
|---|---|
| 6 months or more | 39% |
| 3 to 5 months | 28% |
| Less than 3 months | 19% |
| No emergency savings | 14% |
| Which financial goal is your biggest priority? | |
| Paying off debt | 36% |
| Contributing to retirement savings | 28% |
| Building emergency savings | 21% |
| Saving for a house | 10% |
| Improving credit score | 4% |
| What hinders your ability to save for emergencies? (select all that apply) | |
| My income | 64% |
| Inflation | 36% |
| My debt | 36% |
| My life choices | 31% |
| The decisions of others | 12% |
| Do you expect someone else to bail you out if you run out of money? | |
| No | 72% |
| Yes | 28% |
| How would you approach paying for a major unexpected expense? | |
| Use my emergency savings | 48% |
| Use a credit card or loan | 29% |
| Borrow money from family or friends | 13% |
| Withdraw from my retirement savings | 10% |
| Could you come up with $1,000 in cash within 24 hours to save a loved one’s life? | |
| Yes | 82% |
| No | 18% |
| Has the affordability crisis affected your emergency savings? | |
| Yes | 66% |
| No | 34% |
| Do you include emergency savings in your monthly budget? | |
| Yes | 59% |
| No | 41% |
| Is the APY on your emergency fund at least 3%? | |
| Yes | 61% |
| No | 39% |
| If you had extra savings, would you spend it frivolously? | |
| No | 70% |
| Yes | 30% |
