Save, Schmave, Says More Than Half Of U.S.

NORTH PALM BEACH, Fla. - More than half of all Americans do not have an emergency savings fund, defined as equal to three months' living expenses, according to a new survey.

The survey, conducted by Bankrate Inc., also found that men tend to be better savers than women. This is the second year Bankrate.com has conducted the survey in conjunction with GfK Roper as part of its year-long Financial Literacy series.

Among the findings:

54% of Americans do not have an emergency savings account.

* Almost 77% of respondents reported they have some type of savings product, with men (82%) more likely than women (72%) to own any savings-based account.

When it comes to emergency savings, 53% of men have reported having sufficient funds, vs. 29% of women.

* Men gain more interest on their savings than women (81% vs. 70%).

* Seventy percent of 18- to 24-year-old consumers and nearly 60% in the 25- to 34-year-old group are not prepared for an emergency. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com