AICPA survey finds gap in emergency savings by gender, age

Many Americans have some form of savings or emergency fund, but the size of those cushions and who holds them varies considerably, according to new findings from the AICPA.

The survey, carried out by the Harris Poll for the AICPA for Financial Literacy Month, reports that 78% of adults have at least some money reserved for living expenses. However, the amount set aside varies widely across households.

Among respondents, 20% said they have less than three months of expenses saved, while 24% report having between three and six months’ worth.

A further 10% indicated they have savings covering seven to nine months of costs. Around 6% said they have put away enough to cover 10 to 11 months and 18% report a savings buffer of at least a year.

In the 65 and over age group, 36% said they have at least 12 months of living expenses saved. Among those aged 55–64, 25% reported the same level of protection. Only 10% of adults aged 18–54 said they have a year or more of expenses in savings. See more findings.