Most families still don’t have enough emergency savings

 

Source: Ann Carrns, N.Y.Times ( Paid Registration )

Six weeks of take-home pay. That’s how much cash families should aim to set aside to ride out gyrations in their income and expenses, a new analysis from JPMorgan Chase’s research arm finds.  Most households fall short, the report found: About two-thirds lack the recommended buffer.

To cushion against a simultaneous spike in expenses and dip in income, a middle-income family needs about $5,000 in a rainy-day fund but has just $2,000 — a gap of $3,000. Lower-income families need about $2,500 but have just $700.

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