Among the findings:
•Feelings of financial security among Americans, as measured by the Financial Security Index, dropped slightly, from 98.5 in May to 97.8 in June.
•Twenty-six percent of Americans are more comfortable with their debt now compared with 12 months ago. Just 19% of Americans report feeling less comfortable with their debt, the lowest figure since Bankrate began its monthly Financial Security Index polls in December 2010.
•Those most likely to have six months' expenses in an emergency fund are higher-income households and people in their 50s and 60s, but even among these groups, at least half do not have six months' expenses in an emergency fund.
•People younger than age 30 and the lowest-income households are the most likely to report having no emergency savings at all.
"Over 6 million people have been out of work longer than six months, yet only 24 percent of Americans have at least six months' expenses in an emergency fund. An equal 24 percent have nothing tucked away for a rainy day. The majority of Americans still have much work to do in building an adequate emergency savings cushion," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Those most likely to have an adequate savings cushion are individuals in their 50s and 60s and higher-income households. But even among these groups, at least half do not have six months' expenses in an emergency fund."
Bankrate's Financial Security Index results are based on telephone interviews with a nationally representative sample of 1,006 adults, ages 18 and older. The interviews were conducted from June 2-5, 2011 by Princeton Survey Research Associates International. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is +/- 3.6 percentage points.
