NEW YORK—Only 52% of Americans have more money in emergency savings than in credit card debt, and 24% have more credit card debt than emergency savings.
That’s according to respondents in a new Bankrate Financial Security Index survey. The study shows that Millennials are the most likely demographic to have more credit card debt than emergency savings. Twenty-nine percent of Millennials, ages 18-36, fit that criterion, stated Fox Business in its analysis.
Seventeen percent of overall respondents said they have no credit card debt and no savings.
“One alarming finding in the survey is that 28% of respondents of the Silent Generation, ages 72 and older, had no emergency savings, and that's the highest percentage of any age group. This is a testament to how many seniors are surviving on a fixed income such as Social Security and a pension with little wiggle room,” said Fox Business.