44 Percent of New Yorkers Have No Emergency Savings

An unexpected car repair, medical bill, or job loss can hurt a budget. A recent survey found by Cashback Loans found that 44 percent of New Yorkers have no money saved for an emergency.

New York Ranks 17th

The survey included 3,000 U.S. adults. New York tied for 17th place among states with the largest share of residents without emergency savings. Alabama and Ohio also had rates of 44 percent.

Financial Security Feels Harder

Many New Yorkers said it has become harder to feel safe with money. The survey found that over 60 percent believe financial security is harder to reach than it was five years ago. Another 20 percent do not expect to ever feel financially secure.

Families Are Cutting Back

The survey found that almost 35 percent of New Yorkers cut back on groceries during the past year. Another 33 percent had to borrow money to pay for basic living costs. These may include food, housing, utilities, and transportation.

Living Costs Are a Major Concern

More than half of New Yorkers surveyed said rising prices and living costs are among their biggest money worries for the next year. Higher costs can make it harder for families to save after paying monthly bills.

Emergency Savings Can Provide Support

Emergency savings can help cover bills when something unexpected happens. However, saving can be difficult when most income already goes toward regular needs. The findings show that many New York households may have little financial protection when a sudden expense arrives.