US emergency savings uneven as women and mid‑career adults lag, AICPA says

Many Americans have some form of savings or emergency fund, but the size of those cushions and who holds them varies considerably, according to new findings from the American Institute of CPAs (AICPA).

The survey, carried out by the Harris Poll for the AICPA for Financial Literacy Month, reports that 78% of adults have at least some money reserved for living expenses.

However, the amount set aside varies widely across households.

Among respondents, 20% said they have less than three months of expenses saved, while 24% report having between three and six months’ worth.

A further 10% indicated they hold savings covering seven to nine months of costs. Around 6% said they have put away enough to cover 10–11 months and 18% report a savings buffer of at least a year.

In the 65 and over age group, 36% said they have at least 12 months of living expenses saved. Among those aged 55–64, 25% reported the same level of protection.

By comparison, only 10% of adults aged 18–54 said they have a year or more of expenses in savings.

At the same time, 22% of Americans said they have no savings or emergency fund at all to cover day‑to‑day living costs, leaving them at higher risk from routine financial setbacks.

The data points to a gap between men and women; around 25% of women said they have no money set aside, compared with 17% of men.

There are also marked differences by age. Adults aged 45–54 appear particularly stretched, with 30% in this group reporting they have no savings or emergency fund.

This compares with 22% of those aged 35 to 44 and 16% of respondents aged 55 and over.

In terms of monthly spending patterns, 33% of Americans identified food and groceries as their largest non‑housing cost.

Financial pressures are influencing larger decisions as well.

Among those who postponed a major purchase or decision in the past year, 59% said they did so because of the cost of goods or services.

Nearly half of those who delayed a significant decision or expense (45%) stated that a lack of savings was the reason.

That strain is even more acute among younger adults. Of respondents aged 18–34 who held off on a major decision or expense in the past year, 52% cite insufficient savings, compared with 34% of those aged 55 and older.

AICPA personal financial planning senior manager Cary Sinnett said: “It is encouraging to see that Americans are prioritising their savings as they also manage the rising costs of many living expenses.

“The concern is that not everyone has been able to make that happen, which can leave them financially vulnerable.”