Are You Saving Enough Money?

While the general rule of thumb is to have an emergency fund that will cover at least six months of expenses, only 25% of Americans have that amount saved, research released by Bankrate.com finds.

About 49% of Americans don’t even have enough money saved to cover three months of expenses — slightly worse than the 46% of Americans who reported having less than three months worth of savings last year.

And 28% don’t have any cushion whatsoever — up from 24% last year, according to the report. While the overall saving situation has gotten slightly worse in the past year, Americans are saving more this year than they were six years ago. In 2006, Bankrate found that 61% of Americans didn’t have enough emergency savings to last three months.