Americans Facing A Drought of Rainy Day Funds


CHICAGO (September 25, 2012) – Americans are facing a drought of rainy day funds to handle unexpected emergencies. Twenty-three percent of Americans have less than $100 in savings to cover an emergency expense if it happened today while 46 percent report having less than $800, according to a new national survey conducted by online lender The findings reflect the growing percentage of individuals with varying socio-economic backgrounds living paycheck to paycheck.

Fifty-five percent of Americans surveyed with children under the age of 18 report having less than $800 to handle an emergency. Individuals living in the Northeastern and Western regions are more likely to have $800 or more in savings (at 60 percent respectively) while 31 percent of those living in the North Central region have less than $100.

If individuals have no savings and face a short-term emergency, 41 percent would likely turn to a family member for a loan, while three out of ten definitely would not or probably would not.

Women (44 percent) are slightly more willing than men (38 percent) to ask a family member for a loan. Likewise, those individuals with children (46 percent) under the age of 18 are more likely to ask family for a loan versus those with no children under the age of 18 (38 percent). Of the four regions in the United States, those individuals living in the northeast (45 percent) are the most likely to ask family for a loan followed by the south (42 percent), the north central (40 percent) and the west (35 percent).

“Too many Americans are facing a cash crisis, unprepared financially to handle life’s unexpected emergencies and family can only help so much,” said Keith Weinberger, senior director of marketing and new initiatives for, the country’s leading online lender of cash advances to manage financial emergencies. “Accessible and quick loans are the only alternative to many who don’t have access to other credit.”

Age plays an important role in the willingness to ask a family member for a loan, with those under 30 being most likely (54 percent), followed by 48 percent of those ages 30 to 39, 40 percent of those ages 40 to 49, and 33 percent of those ages 50 to 59. Only 30 percent of those age 60 plus would be willing to ask a family member for a loan.

About the Survey

This survey was conducted online in February 2012 by TNS Omnibus among a nationally representative sample of 1,000 Americans. The margin of error for the national sample is approximately three percent.  Surveys are subject to other error sources as well, including sampling coverage error, recording error, and respondent error.

The complete findings and data of the survey are available at

About is America’s leading and licensed online lender of cash advances and the top choice among consumers needing access to credit to manage financial emergencies. A trusted online provider of credit alternatives for hard-working people, believes everyone deserves access to simple and trustworthy financial services and is working to close the credit gap for underserved customers.

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For a videotaped interview with Keith Weinberger commenting on the survey, please go to: