Survey: 1 In 3 Americans Have No Emergency Savings

A new survey from retirement plan provider Empower says a third of Americans don’t have an emergency savings fund. The survey also found that 29-percent of Americans could not afford an unexpected expense over 400-dollars. The survey says the median emergency savings for Americans is 500-dollars. More than half of survey respondents said the rising cost of living has made it hard to build and maintain emergency funds, with over half describing saving for emergencies as “almost impossible.” Half of Americans said they were stressed about their current amount of emergency savings and 42-percent said their savings wouldn’t help if they lost their job

The Empower study is based on an online survey of 2,202 Americans aged 18 and over and was administered between June 3 and 5, 2025

And yet, the survey found that Americans’ average emergency savings is $500—a far cry from the recommended amount and certainly not a significant enough sum that could cover home repairs, if necessary.

In climate-risk states, savings matter even more, as insurance premiums often rise “in areas with the highest risk of natural disasters such as hurricanes or wildfires,” according to the National Bureau of Economic Research.

In fact, more than half (58%) of homeowners say they’d consider going without insurance if the price got too high, according to a Realtor.com® survey. And the timing couldn’t be worse.

More than $12.7 trillion worth of U.S. real estate now faces severe or extreme climate risk, according to the most recent Realtor.com Housing and Climate Risk Report. As insurers raise rates or pull out of high-risk areas altogether, homeowners are left with fewer choices, higher costs, and—sometimes—no coverage at all. Already, as many as 1 in 7 homes does not have insurance. Given this, Dugan-Knight says an emergency fund can serve as a safety net if homeowners lose coverage, or as a supplemental resource when insurance doesn’t cover everything.For homeowners, he always suggests first having $1,000 in cash set aside for emergencies.