How many Americans have no savings?

Americans are facing a savings crisis, or more accurately, a widespread struggle with under-saving.

In 2026, approximately one-third of U.S. adults have $0 set aside for emergencies. While those in this position often blame themselves for poor money management, it is important to recognize that many are dealing with factors beyond their control. Between high medical costs, inflation, and a difficult job market, many Americans find it nearly impossible to put money away.

It is difficult to pinpoint the exact number of Americans with zero savings, as data varies by source.

One survey from Empower found that 32% of respondents reported they had no emergency savings. And 39% said rising prices are the biggest roadblock to saving for a rainy day.

Meanwhile, a Yahoo Finance and Marist poll put the number of Americans without savings higher; 35% of respondents said their savings would not last them a full month if they lost income.

Who is saving the least in America? According to the Federal Reserve, the groups with the least money saved include people who didn’t complete high school and adults under the age of 30 (Gen Z).

A savings shortage is not always about lack of discipline. According to Yahoo Finance’s survey, only 8% said their savings shortage was due to overspending. These were the more prevalent causes people cited:

11%: Unexpected bills or expenses

10%: Change of income or employment status

10%: Too many financial obligations

8%: Choosing to spend extra income on things you enjoy

6%: High-interest debt repayment

Unfortunately, people who don’t have savings often make harmful financial decisions to cover their expenses. Here are some of the common “solutions” people turn to when their savings accounts are empty:

Overborrowing: A FINRA study found that 27% of people use credit cards to cover unexpected expenses, and 12% turn to loans. Considering that the average personal loan rate is now 11.40% and credit card rates are at 21%, these fixes might turn a temporary financial problem into a long-term debt issue.

Overworking: A common solution for people who need emergency funds is to pick up extra work. But as a result of overworking, you might become fatigued and make bad financial decisions for the sake of convenience. For example, after a long shift, you’re more likely to buy fast food than to cook at home.

Tapping into retirement: Many people see their retirement savings as a solution for unexpected expenses. But taking an early withdrawal or a loan from a retirement account can be costly. For example, if you make an early 401(k) withdrawal, you usually have to pay a 10% penalty, plus income taxes on the withdrawal amount. You’ll also have less money available when you retire.

When money is tight, saving can feel impossible. But don’t worry about saving a lot at first — instead, focus on building the habit. Setting aside a few dollars consistently adds up and can create momentum to build a bigger cushion over time.

Here are a few ways to get started saving:

Start small: Even if you can only save $10 from each paycheck, it’s important to build a habit of spending less than you make. Once your finances improve, you can increase your contribution.

Take advantage of pay increases: If your income increases, don’t ramp up your spending. Instead, increase your automatic contributions to your savings. You can also increase your savings contributions when you pay off debt. For example, if you pay off a $250 a month car loan in July, start contributing $250 a month to your savings in August.

Earn interest: Almost a quarter (23%) of Americans keep their savings in checking accounts, and 19% store their cash at home. But both of those options mean losing out on interest earnings. A far better option is to keep your savings in a high-yield savings account, where it can potentially earn as much as 4% APY.

Pause retirement contributions: If you’re contributing money to retirement, put your contributions on pause. Use the money to build up your emergency savings fund first, and then go back to saving for retirement. That way, you won’t be tempted to make expensive early retirement withdrawals to cover emergencies.

Sign-up bonus: Find a bank that will reward you with a sign-up bonus for opening an account. If you choose the right bank, you can earn as much as $300 for opening an account and following specific deposit guidelines.

Implement a spending freeze: For many people, the thought of cutting all your non-necessities can feel suffocating. But what if you only cut them out for a set period, like a month or two? If you put a pause on expenses such as streaming, travel, and dining out, you might find yourself with hundreds of dollars to deposit to your savings.

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