Americans Living On The Edge

Moreover, about one in ten adults (9%) say their household does not have any money in liquid savings, defined as any savings readily available as cash and not intended for long-term investment. And 13% say they generally save none of their monthly household income in liquid accounts.

Among those earning less than $35,000, the numbers are more striking. Nearly one in five (19%) does not currently have any money in liquid savings, compared to 4% of those earning $35,000 or more.

"Three to six months' worth of savings for living expenses is the minimum every household should have, no matter its income," said Alan Kopit, legal editor of lawyers.com. "Any less can leave people vulnerable to serious financial woes if they hit unexpected difficulties, like a job loss or medical problem. It's a good habit for all working people to put away a reasonable portion of their take-home pay into some form of liquid savings."

Single adults are particularly less likely to have money in liquid savings, the survey found. "It's easy for young or single people to feel like they do not need to maintain any savings, because they may not have the financial responsibilities that come with having a family," said Kopit. "In fact, they may be the most in need of savings, because they may not have an immediate family member to take care of them financially in an emergency."

Over the long term, inadequate savings can leave consumers at risk of bankruptcy. "With recent reforms in U.S. bankruptcy law making it more difficult than ever to erase debt, it's important to protect yourself," Kopit said. "If you face financial challenges, seek the advice of a lawyer or professional financial advisor to explore alternatives."