Ann Arbor fintech firm: 43% of consumers save for emergencies

ANN ARBOR–A new surve from the fintech firm Plinqit finds that 43% of American say they are setting aside money for an emergency fund.

The firm’s State of Svaings Report uncovers new insights into the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults.

Financial experts have always emphasized the importance of building an emergency fund as a buffer to pay for large, unexpected expenses, such as medical bills, home repairs or job losses. Plinqit’s State of Savings Report proves that consumers are taking this advice to heart, as 43 percent say they are actively contributing to their emergency funds, both for short-term and long-term expenses. Nearly one-third of Americans, 32 percent, are putting aside money for a long-term emergency fund and 28 percent are saving for a short-term emergency fund.

“It’s no secret that life is full of unexpected expenses that can devastate a family’s finances,” said Kathleen Craig, founder and CEO of Plinqit. “While the price increases for everyday necessities leave many U.S. households with financial stress, consumers remain focused on building up their emergency savings even in these trying times. Providing tools to help them be successful in their savings goal is critical for financial institutions.”

Plinqit offers a program called Build Skills that pays users for learning about personal finance.

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