Consumers lack enough savings for emergencies

The survey is consistent with results of the past several years, as about 46 percent of consumers have at least three months of expenses tucked away in a rainy day fund, the same as in 2007. 

“Debt is the one area of financial security where we’re seeing Americans make some strides,” McBride said. 

The Financial Security Index for June was down slightly from May, but the comfort level hit a new high, with 26 percent saying they’re more comfortable with the debt they have now, relative to 12 months ago, with only 19 percent saying they’re less comfortable, the survey found. 

Following one of the worst economic downturns in the nation’s history, consumers have been saving at nearly three times the rate they did prior to the recession, while also paying down their credit card bills and other debts.

Still, while many consumers see the need for banking savings, many are still struggling with employment issues. 

Respondents under the age of 30 and those with annual incomes under $30,000 were the most likely to report having no emergency savings. 

“The majority of Americans still have much work to do in building an adequate emergency savings cushion,” McBride said. 

Those likeliest to have six months’ expenses in an emergency fund were higher-income households and people in their 50s and 60s.

Discipline is key in building up emergency savings, and consumers need to put away some money with every paycheck, McBride said.

With increased confidence, consumers have started to use their credit cards again, according to a report released last week by the Federal Reserve. 

The Federal Reserve said credit-card use rose for only the second time since August 2008, the first time in four months, as revolving debt increased $1.9 billion in March.