WEST PALM BEACH, Fla. — It probably doesn't come as much of a surprise, but many of us are watching our savings shrink.
The 2025 WalletHub emergency savings survey lists the biggest obstacles to building a financial safety net. More than half of those polled (51%) say their income prevents them from saving for emergencies. Forty-four percent say inflation is the biggest barrier. Thirty-four percent cite personal debt.
WATCH: Are you dipping into your emergency savings?
According to the survey, two out of five people say paying off debt takes precedence over building their savings account. Nearly a quarter of those polled expect their emergency savings to decrease in the next year.
Even more sobering, one in five say they wouldn't be able to come up with $1,000 in 24 hours to save the life of someone they love. More than one in four say they never contribute to their emergency fund.
Consumer
Floridians are forking over this much monthly toward debt
Financial experts say the biggest tip to see your savings grow is to budget.
"A strict budget will eliminate unnecessary spending and make room for monthly contributions to an emergency fund. Your goal should be to set aside at least three to six months’ income for a rainy day, and I promise you’ll be happy you did when that day comes," said John Kiernan, editor of WalletHub.
