Many Americans struggle when it comes to building up sufficient savings, and understandably so.
Nearly half, or 48 percent, said their expenses are equal to or greater than their income, causing them a significant amount of financial stress, according to a new report by the Center for Financial Services Innovation, or CFSI, a non-profit aimed at funding projects that could improve consumers' financial health.
Thanks to a growing number of Americans working freelance, part-time or with side jobs, "incomes have become increasingly volatile," said Jennifer Tescher, the founder and CEO of CFSI.
From 2014 to 2015, about a third of U.S. households had volatile income — a gain or loss of at least 25 percent from one year to the next, according to a 2015 survey from The Pew Charitable Trusts. The median income gain was $20,500, and the median income loss was $25,000. (See chart below.)