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Retirement Planning > Saving for Retirement

Gen X lags in saving for emergencies

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New data from indicates as many as 66 million adults in the United States don’t have any money saved for an emergency. Gen Xers lag the most, with one-third of 36-51 year olds indicating they haven’t saved any money while 27 percent of all adults aged 18 or older haven’t saved anything.

Greg McBride, chief financial analyst at, recommends people accumulate an emergency savings fund that would cover at least six months’ of expenses. About 28 percent of Americans have achieved that level of savings, representing a six-year high that shows progress from last year when only 22 percent of Americans reported having that level of savings.

The silent generation is the most likely to have emergency savings to cover six months of expenses at 47 percent. The liklihood of having saved six months of expenses increases steadily after age 25, said

Emergency Savings

“This underscores the fact that it takes time, especially because expenses grow faster than many Americans can save during the home-buying, family-raising years,” McBride said. “Accumulating emergency savings requires establishing the habit, and millennials get high marks.”

Two-thirds of millenials have some savings, although only 20 percent have the suggested six months’ expenses in the bank.

This was the 25th-consecutive month that Americans’ financial security improved, said in a release. Men have reported better financial security for 28 consecutive months, while women have reported better financial security in only 16 of those 28 months.