A single unplanned expense could send millions of Americans into a financial tailspin.
Across nearly all ages and generations, from millennials to baby boomers, one-quarter of Americans, or roughly 55 million people, said they had nothing saved in an emergency fund, according to a Bankrate.com survey of 1,000 adults conducted last month. (The Silent Generation — over age 73 — were much more likely to have something set aside.)
Overall, however, Americans are doing a better job at saving.
Americans with enough savings to cover three to five months of expenses edged higher to 18 percent, from 17 percent last year. Those with some savings, but not enough to cover three months' expenses, rose to 22 percent from 20 percent — which is an improvement but still not great.