Those personal finance management apps work after all: An increasing number of consumers are putting their money away for the future.
Only about a quarter of consumers can’t cover an emergency expense, according to a survey released yesterday by Bankrate.
Meanwhile, 31% of the more than 1,000 consumers polled noted they had what is considered an “adequate” amount of savings by financial experts (that is, an amount that would cover six months or more of expenses and emergencies).
Both millennials and baby boomers cited that they would be able to cover six months worth of expenses with their savings (23% of millennial respondents and 38% of baby boomers agreed with this statement).
However, 25% of millennials stated that they had no savings whatsoever—as did 27% of baby boomers polled.
Take a look at the full report here.