How long you could live off your cash savings?

Little pink piggy banks on 5 ascending stacks of US $100 bill bundles on white surface, blue background

Do you know how long you could live off your cash savings? According to a new survey, 40% of Americans wouldn’t be able to survive on theirs for longer than four months.

The poll of 2-thousand U.S. adults between the ages of 18 and 58 also reveals:

Nine in 10 people have dipped into their savings accounts for emergencies since the pandemic began in March 2020.
Those emergencies include unexpected debt (16%), rising rent or mortgage payments (16%) and unexpected medical bills (14%).
People remain optimistic, as 75% think their saving habits will improve over the next year.
While 71% are satisfied with their current cash savings, they think there are things that could help them save even more. Those include monthly savings challenges with incentives or prizes (60%), reminders for when bills are due (52%) and a financial adviser or money mentor (52%).
But only 24% think having a higher income would help them save more.
People have added an average of $23,474 to their cash savings accounts over the last year and expect to add a similar amount in the next 12 months.
When it comes to finances, 46% rely on recommendations from family and social media, and 45% count on financial advisors.

People’s Top Financial Goals for 2024: