Benchmark
Here's How Much Money You Should Save Based On Your Income
Spoiler: you probably don't have enough
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If the threats of random car repairs, reduced work hours or an emergency hospital visit keep you up at night wondering how you'd make ends meet, you're probably not alone. Americans across the income scale don't have enough saved to weather earnings and spending shocks, according to a new report from JPMorgan Chase & Co.
Except for the richest, households in every other income quintile lack the liquid assets needed to cover just one month's worth of swings in earnings or spending, according to data from the bank and the Survey of Consumer Finances. Liquid assets include things such as cash or money market deposit accounts that can be accessed at little to no cost.