Study: We need to save more
METTAWA - HSBC Bank USA announced the results of a new survey which revealed that, although the U.S. personal savings rate has risen relative to recent years, the majority of Americans do not have nearly enough savings to sustain themselves should their income cease.
The survey discovered that if respondents or the primary breadwinner in their home lost their job today, the majority of Americans (61 percent) could live on their savings for only three months or less, with 38 percent saying they do not even have enough funds to sustain their expenses for one month.
Experts have recommended having an emergency fund that could last three to six months, but HSBC's new survey finds that only 39 percent of respondents are prepared for this.
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