EMERGENCY FUNDS
An emergency fund is an important indicator of financial wellness, providing a safety net during times of economic uncertainty or unexpected large expenses. From 2004 to 2022, the likelihood of having an emergency fund remained relatively stable across age groups.
That said, among Americans aged 35-74, access to emergency funds declined a little between 2004 and 2010, and then improved from 2010 to 2022.
Some demographic shifts are evident. Access to emergency funds improved somewhat among unmarried individuals and women. People with only a high school diploma or some college education had slightly lower rates of access to emergency funds in 2022 compared to 2004.
Predictably, income and education are strongly associated with the likelihood of having an emergency fund. Men are more likely than women to have an emergency fund in most age groups, though this difference narrows among the oldest age group. Married individuals are more likely than unmarried individuals to have an emergency fund, and racial differences also emerge, with White individuals being more likely than non-White individuals to have one.
EXPLORE THE DATA
Definition:
Percent of individuals in households with access to at least $3,000 in case of emergency.
Example:
People who can raise $3,000 from friends and family to pay for unexpected expenses or have a surplus of $3,000 in their checking account are categorized as having access to emergency funds. People who would have to borrow money from banks or other agencies are not considered as having access to emergency funds.