Give Now

Delays, Closings and Severe Weather - View All Alerts and Updates

Survey: Americans And Hoosiers Have Little Emergency Savings

Hoosiers on average save only about $3,000 for financial emergencies.

piggy bank

Photo: OTA Photos (Flickr)

The recession has changed some Americans' perspectives on savings, a Ball State University professor says.

A new survey says one in four Americans have no emergency savings.

The Bankrate survey says 67 percent have less than the recommended six months of emergency savings.

An earlier survey from BMO Harris Bank indicates Hoosiers have saved a third of the national average or about $3,000 for a family financial emergency.

Ball State University economist Mike Hicks says many people simply don’t feel comfortable investing.

“Some of the concerns about stagnant wages over the past several years certainly play a part in this. Today we’re seeing a tepid rise in assets so the only way to be securing is to have some sort of savings,” Hicks says.

Hicks says instead of saving, Americans tend to use credit cards for emergency expenses.

Network Indiana

Network Indiana Indiana's Only Audio News Network. Network Indiana is dedicated to providing the state of Indiana important and useful information.

View all posts by this author »

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Business & Economy Stories

Recent Videos

Find Us on Facebook