Fact Check: Do a majority of Americans have less than $1,000 saved?
No
A Bankrate survey about Americans’ willingness to use their savings for an emergency expense did not show that a majority of Americans have less than $1,000 saved.
Instead, it found that about 40% of Americans would use their savings for an unexpected $1,000 emergency expense. The rest said they’d use a credit card (25%), reduce other spending (13%), borrow from family or friends (13%), take out a loan (5%), or something else (4%).
These individuals may have the savings to cover an emergency expense but feel reluctant to use them and choose a different means.
The Federal Reserve’s Survey of Consumer Finances found that in 2022, the median American household had $8,000 across all their financial accounts, meaning half had more and half had less. The survey did not ask about savings individually.
This fact brief is responsive to conversations such as this one.
Sources:
Bankrate | Bankrate’s 2025 Annual Emergency Savings Report
Federal Reserve | Survey of Consumer Finances
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