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Survey: 27% of Americans Have No Emergency Savings

If an emergency situation were to occur, more than a quarter of Americans said they have no extra savings to cover expenses, according to a recent ""Bankrate"":http://www.bankrate.com/ survey conducted by Princeton Survey Research Associates International.

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In the survey, 27 percent of Americans reported having no emergency savings in their checking, savings, or money market accounts, while 23 percent held less than three months of savings to cover expenses, which means half have less than three months of funds to cover expenses.

Meanwhile, 45 percent of Americans said they have at least three months' worth of savings for future expenses. When divided by age group, the survey found 38 percent of those in the younger age category (18- to 29-year-olds) held at least three months of emergency savings compared to 54 percent for those aged 65 and older.

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While the survey did not show what percentage of those surveyed are homeowners, borrowers with less than three months of savings could be especially vulnerable to falling behind on their mortgage in an emergency situation. According to a ""report"":http://www.treasury.gov/initiatives/financial-stability/reports/Documents/April%202013%20MHA%20Report%20Final.pdf from ""Treasury"":http://www.treasury.gov, 68.1 percent of homeowners who received a loan modification said loss of income (curtailment of income or unemployment) was the main hardship they faced.

In addition, the survey found 72 percent of those who make more than $75,000 had at least three months of savings compared to 35 percent for those making less.

On the upside, Bankrate reported the share of employed Americans who feel job security has decreased over the last year hit a new survey low of 13 percent. At the same time, the share of those feeling about the same or more secure about their jobs represented 87 percent of Americans.

When it comes to net worth (total assets including real estate minus debts), 26 percent said their net worth is higher compared to 17 who said their net worth has decreased.

However, the share was significantly higher for those making at least $75,000 a year, with 48 percent reporting higher net worth over the last year compared to 15 percent for those who make less than $50,000.

Bankrate also reported Americans who said they feel more comfortable with their debt compared to one year ago reached a new high of 30 percent compared to 18 percent for those who feel less comfortable.