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Survey: Half of Americans have insufficient emergency savings, quarter have none at all

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Posted at 11:00 AM, Jun 25, 2012
and last updated 2012-06-25 11:00:47-04

(CBS News) About half of Americans are unprepared for a financial emergency – with savings tucked away to cover less than three months worth of expenses if income was lost – and a quarter of the country has no rainy day fund whatsoever, according to a survey for Bankrate.com

“The majority of Americans still have much work to do in building an adequate emergency savings cushion,” Greg McBride, Bankrate’s senior financial analyst says of the results.

Click here for the complete story from CBS News.