How to build an emergency fund with automated savings [Video]

When it comes to financial regrets, about a quarter of Gen Zers and 21% of millennials say not saving enough for emergencies ranks at the top of their lists.

That’s according to new data from Bankrate, which defines Gen Zers as those ages 18 to 27 and millennials as those ages 28 to 43.

That tracks with larger trends. Only about 44% of Americans would be able to cover a $1,000 emergency expense using money from their savings, per Bankrate’s 2024 emergency fund report. And a little over a quarter of adults in the U.S. have no emergency savings at all.

Its well known that having an emergency fund can prevent an unexpected expense from derailing your budget or sinking you further into credit card debt. But getting started is often easier said than done.

Here are the factors Americans say prevent them from growing their emergency savings and one strategy that can help you easily begin building one.