Survey: Americans personal savings are plummeting as 74% are now living paycheck to paycheck

A new report from emergency savings startup SecureSave revealed the alarming impact high inflation and rising costs are having on Americans' savings, with a staggering 67% of Americans unable to cover an unexpected $400 expense. In addition to the stress of not being able to cover unexpected expenses, this lack of financial security has resulted in a significant decline in work productivity. 75% of Americans say increasing financial stress is hampering their productivity at work, with nearly 30% of respondents saying they spend 1-2 hours a day on money worries, costing employers billions of dollars. SecureSave's study also revealed a significant gender discrepancy in financial health, with women being disproportionately impacted.

KIRKLAND, Wash., Jan. 25, 2023 /PRNewswire-PRWeb/ -- 67% of Americans can't cover a $400 emergency expense, citing inflation as top factor impacting their finances, revealing a drastic decline in personal savings when compared with the Fed's annual survey

75% of Americans say this increasing financial stress is hampering their work productivity, with nearly 30% spending 1-2 hours a day on money worries, costing employers billions

Results highlight the urgent need for tools to help people build their emergency savings

A new report from SecureSave revealed the alarming impact high inflation and rising costs are having on Americans' savings, with a staggering 67% of Americans unable to cover an unexpected $400 expense. These results show a drastic decline in personal savings when compared with the Fed's annual survey, in which only 32% of the respondents said they wouldn't be able to cover an unexpected $400 expense.