$1,000 Emergency? New Surveys Show Americans Aren’t Ready

Two new reports on emergency savings are out today, and both paint a concerning picture of Americans’ ability to handle an unexpected expense.

New data from U.S. News found that 43% of Americans don’t have enough savings to pay for a $1,000 surprise expense, while a new Bankrate survey found 53% don’t have sufficient liquidity or access to funds to cover a $1,000 emergency expense.

Here’s a look at some key data points from each of the new surveys.

U.S. News survey

U.S. News’ nationwide survey of 1,216 American adults conducted between Jan. 16 and 20, 2026, set out to explore Americans’ financial well-being, specifically asking about their emergency savings, plans for handling unexpected expenses, and financial goals for 2026.

The results were not exactly encouraging, as responses show many Americans aren’t in position to withstand an emergency expense or even a short-term job loss. More than 40% say they have no emergency fund at all, and one-third say they simply couldn’t cover even one month of living expenses with their savings if they needed to. The majority of Americans (59%) say they could cover no more than three months of living expenses.

Here are five takeaways from the U.S. News survey:

• Nearly half of Americans can’t cover a $1,000 emergency.
U.S. News found 43% (up from 42% last year) of Americans don’t have enough savings to pay for a $1,000 surprise expense, a sign many households are still financially vulnerable.

• Emergency fund balances are shrinking fast.
Among those with emergency savings, the median balance is $5,000—half of last year’s reported median. Meanwhile, the median “ideal” emergency fund is $10,000.

• A gender gap persists in emergency savings readiness.
Nearly 48% of women say they don’t have an emergency fund, compared with about one-third of men. Men were also more likely to say they could cover a $1,000 emergency with savings (64% vs. 52%).

• Student loans and holiday spending are draining reserves.
About 69% of student loan borrowers worry policy changes in 2026 could hurt their ability to save. And 23% of Americans admit they tapped emergency savings for holiday purchases, especially younger adults.

• More younger Americans building up emergency savings.
About 65% of those surveyed ages 44 and under say they have an emergency fund, which is up from 58% last year. More than three-fourths of those ages 18 to 24 say they have emergency savings, by far the highest of any age group in the survey.

Check out the full U.S. News 2026 Financial Wellness Survey here.

Bankrate survey

Bankrate’s Emergency Savings Report, compiled from a survey conducted in Dec. 2025, compares Americans’ emergency savings and credit card debt amounts—and how they prioritize handling the two—as well as how people’s emergency savings amounts have changed compared to a year ago.

Key findings from the survey include:

• Roughly 3 in 10 Americans have more credit card debt than emergency savings
29% have more credit card debt than emergency savings, compared with 44% who have more in emergency savings. Around 1 in 5 (19%) have neither credit card debt nor savings.

• 31% say building emergency savings and reducing credit card debt are equally important
Meanwhile, 29% say increasing emergency savings is a higher priority, and 21% say they’re more focused on paying down debt.

• More than half have same amount of emergency savings or less than a year ago
58% of U.S. adults say they have less or the same amount of emergency savings, compared to a year ago. 21% have more, while 17% had none then and continue to have none now.

Check out the full Bankrate 2026 Annual Emergency Savings Report here.

Brian Anderson

Editor-in-Chief at 401(k) Specialist | banderson@401kspecialist.com | + posts

Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.