That’s according to a new survey by Empower, a retirement and financial services company, which found 32% of Americans have no emergency savings set aside. But not everyone is equally short on cash: Gen Zers have a median of $400 in their crisis funds, while boomers have saved up to five times as much. The online survey was conducted from June 3–5, 2025 and surveyed 2,202 Americans aged 18 and older. It was weighted to be nationally representative of U.S. adults.
Financial advisors recommend saving at least 20% of your monthly paycheck, but this has become increasingly difficult due to rising inflation, high interest rates, and stagnant wages. Americans across the board have little left over each month after their necessities have been paid for.
“More than half say saving for emergencies feels ‘almost impossible’ with how expensive everything is right now,” the study said.
A lack of emergency savings is about to become a real issue for many people, as prices continue to rise due to inflation. In August, consumer prices rose 2.9%, above the Fed’s 2% target, according to the Bureau of Labor Statistics’ report released last week. With elevated interest rates and rents at an all-time high, housing takes up a major chunk of people’s monthly spending.
