"Financial Health Concerns: Low Emergency Savings and Scary Savings Mistakes Plague Americans"
Originally Published 2 years ago — by CNBC
A new report from Bankrate reveals that 81% of Americans did not contribute to their emergency savings in 2023, with 60% feeling behind in building a cash cushion. Rising prices and high household expenses have made it difficult for households to save, putting them in a bind. The injection of stimulus money in 2020 provided a temporary safety net, but those savings have now largely been depleted. Soaring inflation and rising interest rates have further exacerbated the situation. Financial experts recommend finding alternative sources of income, such as side hustles or freelance work, to boost savings in the face of increasing expenses.