An emergency fund is essential so you’re covered for unexpected misfortunes. How many of us will need one?
Over three in five Americans (61%) have experienced an unexpected financial burden to themselves or someone in their family, according to a recent finder.com survey. That adds up to 150.3 million American adults who found themselves needing cash unexpectedly.
These were the most common financial misfortunes for men and women:
|Loss of job/redundancy||27%||11%|
|Emergency dental work||22%||10%|
|Loss of wallet/money||17%||9%|
Which states experience crises most often?
The interactive map below shows the percentage of residents who have experienced an unexpected financial emergency in each US state. (We haven’t included data for states where the number of respondents was too low to calculate a number.)
Which generations suffer most frequently from emergencies?
The younger you are, the more likely you are to experience an unexpected financial crisis. Our survey found 75% of Millennials had experienced an unexpected crisis, compared to 64% of Generation X and 53% of Baby Boomers. Here were the most common issues for those groups:
|Millennials||Generation X||Baby Boomers|
|Loss of job/redundancy||28%||28%||21%|
|Emergency dental work||23%||23%||20%|
|Loss of wallet/money||26%||18%||11%|
|Accident requiring surgery||19%||13%||11%|
|Loss of smartphone||27%||16%||6%|
finder.com commissioned pureprofile to conduct a survey of 6,838 American adults.