Americans regret lack of emergency savings during pandemic

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NEW YORK - Adults in the United States are feeling economic pressure due to the coronavirus pandemic.

A new survey finds that Americans regret their lack of emergency funds to withstand the economic crisis caused by the pandemic.  The Bank Rate survey found that 23 percent of Americans rate that as their biggest regret, followed closely by not having enough retirement savings.  Having too much debt came in at number three.

And when it comes to getting finances in order while moving forward, the top financial priority was paying down debt followed by saving more for emergencies and a large number of people who didn't know what their top financial priority should be.

Other priorities included saving more for retirement, living within their means, and finding a more stable income.

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By age group, not enough emergency savings was the top financial regret for millennials (24 percent) and Generation X (25 percent). In contrast, not enough retirement savings was the top regret for boomers and the Silent Generation who expressed regret.

Bankrate says the study used a sample of 1,343 adults conducted on June 3 and 4.