Everyone knows the importance of having an emergency fund, however, high costs and financial instability are making it harder than ever to build a safety net. August's inflation report showed a rise in annual inflation, climbing to 2.9%, the highest level since January.
And according to a new study, 64% of Americans say growing their emergency fund is a top priority, yet the median balance is just $500. Even more alarming, is that 32% of Americans have no emergency savings at all, and nearly half say their current savings wouldn't help if they lost their job today.
