Stat: People in the US face a growing financial safety-net crisis

US – A new Credit One Bank survey of 1,150 Americans reveals a widening generational gap in financial resilience. Nearly two-thirds (62%) of Gen Z have no emergency savings, almost double the Baby Boomers’ rate.

Overall, two-thirds of Americans have just six months of savings or less, with Gen X the least prepared for long-term shocks. High earners aren’t immune either – 56% of those making over £59k ($80k, €69k) couldn’t cover six months’ expenses.

If faced with a £369 ($500, €428) emergency, 70% of students and 60% of under-35s would use a credit card, compared to a 51% national average. This reliance is also gendered, with 55% of women saying they would turn to credit in a crisis, compared to 47% of men.

The study highlights the financial precarity of many in the US amid an ongoing Cost of Living Crisis. For more insights into each generation’s financial attitudes, and the brands and businesses successfully targeting each demographic, head to our Generations Now and Next macrotrend report.