The problem with relying on media is that they're prone to sensationalism and hyperbole. Your link is no exception, though fortunately they had the courtesy of

The problem with relying on media is that they're prone to sensationalism and hyperbole. Your link is no exception, though fortunately they had the courtesy of linking to their source [1]. Generally it's probably a good idea to rely on the first party over the third party. Key points: - What is stated is not what was asked. The question asked, 'How would you pay for an unexpected expense?' 37% said use savings, 23% said reduce spending, 12% use credit cards, and 21% would borrow from family/friends. Presumably that remaining 7% answered other/do not know. That was converted into "63% of Americans don't have enough savings to cover $500." Thanks Forbes, thanks. - The question was not asked of Americans families, as implied. It was asked of millennials. Income is obviously strongly linked with age. It's self selecting to a young demographic that will not only be earning much less but also be less inclined to save. That said, Americans certainly aren't saving as much as they should be but that's probably more of a social than an economic issue. A relatively large percent of Americans have $0 savings when the current median household income is a hair above $59,000. Even just saving $1000 a year would be a game changer in the longrun, but people are of course not doing that - even though most have the ability to do so if they tried.