More Than a Third of Americans Tapped into Their Emergency Savings Last Year

Over one-third (37%) of Americans dipped into their emergency savings in the past year, with 80% using the funds for essentials, while a growing number are now relying on savings to cover day-to-day expenses, according to a Bankrate survey.

The 2025 Annual Emergency Savings Report reveals that 51% of Americans tapped into their emergency savings to cover unexpected expenses, such as medical bills or car repairs.

Meanwhile, 38% used their savings for monthly bills like rent or utilities, and 32% for everyday expenses such as food or supplies, highlighting a shift toward using funds for essentials rather than emergencies.

In addition, 22% used the money to help a family member or friend, and 21% to pay down debt.

Greg McBride, chief financial analyst at Bankrate, said: “More than half of Americans who tapped their emergency savings in the past year did so for an unplanned emergency expense, exactly what it is there for.”

“But alarming percentages used those withdrawals for monthly bills and day-to-day expenses, indicating possible variability of household income or potential strain on household budgets.”

The report also found that millennials were more likely than any other age group to have used their emergency savings in the past year, with 42% doing so. In comparison, 38% of Gen Xers, 34% of Gen Zers and 33% of baby boomers reported the same.

When it comes to emergency savings, the amounts tended to be significant, with over a quarter (26%) of Americans who accessed their savings in the past year reporting they needed between $1,000 and $2,499.

Additionally, 22% required between $500 and $999, 18% used less than $500, 15% withdrew $5,000 or more, and 14% needed between $2,500 and $4,999.