44% of New Yorkers Have No Emergency Savings

An unexpected car repair or medical bill can happen at any time. A job loss can leave a family without its normal income. A new survey found that many New Yorkers don't have any money saved to help them through these emergencies.

Nearly Half Have Nothing Saved

According to Cashback Loans, 44% of New Yorkers have no emergency savings. That means more than four out of every 10 people do not have money set aside for a job loss, medical bill, car repair or other surprises. New York tied with Alabama and Ohio for the 17th highest share of people without emergency savings.

Financial Security Feels Harder to Reach

Over 60% of New Yorkers said it is harder to feel financially secure now than it was five years ago. One in five said they do not believe they will ever feel financially secure. That fear grows when the cost of food, housing, gas continues to rise.

Families Are Cutting Back on Food

34% of New Yorkers said they cut back on groceries during the past year. 33% said they had to borrow money to pay for basic needs. This means people are using loans, credit cards or help from others just to cover everyday bills.

The Cost of Living Is a Major Worry

More than half of New Yorkers said the rising cost of living and inflation are among their biggest money worries for the next year. When most of our paycheck goes toward rent, food, bills and transportation, there is little left to save.

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New York Is Not Alone

The lack of emergency savings is a problem across the country. Wyoming had the highest number in the survey, with 67% saying they had no emergency fund. West Virginia followed at 62%, while Nebraska came in at 60%. Pennsylvania was slightly better than New York at 42%.

Survey Included 3,000 Adults

Cashback Loans surveyed 3,000 adults across the United States about savings and financial security. The results are based on the answers given by the people surveyed. This isn't an official count of every household in New York.