Here’s How Much Americans Have Saved for Emergencies in Every State

Expert opinions on the best ways to achieve financial success usually feature an array of different advice. However, they tend not to waver on one thing: always keep an emergency fund.

Despite this universal advice, a survey of over 2,000 Americans conducted by GOBankingRates revealed that not only do over half of Americans not have enough saved to cover six months’ of living expenses, some 38 percent don’t even have $1,000 in reserve. And, depending on which state you call home, you or your neighbors might be critically unprepared for a lengthy period of unemployment.

Click through to find out how much Americans have saved for a rainy day.

Percentage of those with less than $1,000: 35.13 percentPercentage of those with more than $1,000: 64.86 percent

While coming in around the middle of the pack, Alabamans have arguably done a pretty commendable job with their savings when you consider that the median income in the state is just $44,758 and that the state’s poverty rate of 17.1 percent. Perhaps residents are able to save more because Alabama is one of the cheapest states to live in.

Percentage of those with less than $1,000: 30 percentPercentage of those with more than $1,000: 70 percent

Alaska has the sixth-highest proportion of respondents with more than $1,000 in their emergency fund despite having the highest unemployment rate of any U.S. state at 7.3 percent.

Something that might be helping Alaskans save? Nearly every resident receives an annual payment from the Alaska Permanent Fund, something that could help Alaska achieve the lowest level of income inequality in the country.

Percentage of those with less than $1,000: 32.65 percentPercentage of those with more than $1,000: 67.35 percent

Arizona is in the top half of states in the survey for having more savers despite the fact that the state’s unemployment rate (4.5 percent) and median income ($51,340) are worse than national averages.

Percentage of those with less than $1,000: 41.66 percentPercentage of those with more than $1,000: 58.33 percent

Arkansans appear to be struggling with saving money despite an unemployment rate of just 3.7 percent. However, the median income in the state is just $42,336, America’s third lowest, making it easier to understand why many residents might be struggling to sock away cash for a rainy day.

Percentage of those with less than $1,000: 32.99 percentPercentage of those with more than $1,000: 67.01 percent

California finished in the top half of states for respondents with more than $1,000 saved, which is impressive given just how expensive it can be to live there. A previous GOBankingRates study found that California has the fourth highest cost of living in the U.S.

Percentage of those with less than $1,000: 22.92 percentPercentage of those with more than $1,000: 77.08 percent

Colorado has the highest rate of responses showing an emergency fund in excess of $1,000. So what makes Colorado so special? Coloradans appear to benefit from a low unemployment rate (3.1 percent) and high median income ($62,520 a year).

Percentage of those with less than $1,000: 32 percentPercentage of those with more than $1,000: 68 percent

Connecticut is the seventh-least affordable state to live in, but many of its residents are probably not feeling the sting too much.

Among the states with the most millionaires, Connecticut ranks second-highest for its ratio of millionaires to the rest of its population at 7.3 percent, which might explain the higher percentage of people with more savings.

Percentage of those with less than $1,000: 57.14 percentPercentage of those with more than $1,000: 42.86 percent

Delawareans are not doing a good job saving, according to the survey, finishing with the second-highest percentage of people saying they couldn’t cover more than $1,000 in an emergency.

With unemployment and cost of living both coming in above the national average, it might not be so surprising that residents of The First State are struggling to save.

Percentage of those with less than $1,000: 44.44 percentPercentage of those with more than $1,000: 55.55 percent

When you consider that the nation’s capital features the fourth-highest median income in the country at $72,935, you might expect more respondents to have saved. However, that figure belies the fact that it has the highest level of income inequality in the country.

Further squeezing poorer residents are the second-highest costs of living and median home prices in the U.S.

Percentage of those with less than $1,000: 35.44 percentPercentage of those with more than $1,000: 64.56 percent

The Sunshine State ranks fourth in the U.S. in having ultra-high net worth individuals, or people with more than $30 million, living there. That’s a fact that could contribute to the state having the seventh-highest level of income inequality.

Percentage of those with less than $1,000: 35.59 percentPercentage of those with more than $1,000: 64.4 percent

Home buyers looking for a good price could very well have Georgia on their mind as the Peach State has a median home price of just $175,400, well below the national median of $256,000. As such, the survey results seem to indicate that at least some residents are funneling those savings into an emergency fund.

Percentage of those with less than $1,000: 28.58 percentPercentage of those with more than $1,000: 71.43 percent

Despite living on an island paradise, many Hawaiians don’t have it easy, thanks to high cost of living and median home prices.

That said, they’re earning more (the fifth-best median income of $71,977), working more (the nation’s lowest rate of unemployment at just 2 percent) and saving more, with the fourth-highest portion of respondents indicating they had more than $1,000 in their emergency fund.

Percentage of those with less than $1,000: 44.43 percentPercentage of those with more than $1,000: 55.56 percent

It appears Idaho residents are lagging behind in savings. But it could just be that they don’t see as much need, with the sixth-lowest cost of living and unemployment rate nationally giving them fewer reasons to worry about making ends meet.

Percentage of those with less than $1,000: 29.56 percentPercentage of those with more than $1,000: 70.43 percent

The Illini are fifth-best in the survey, with over 70 percent of respondents needing a comma to write out the amount in their emergency fund. This is despite the fact that the Land of Lincoln features the nation’s seventh-worst unemployment rate at 4.8 percent.

Percentage of those with less than $1,000: 42.31 percentPercentage of those with more than $1,000: 57.69 percent

Indiana finished in the lower third of states for saving, something that’s curious when you consider the state has the second-lowest cost of living in the country.

However, with 14.1 percent of the state’s residents living in poverty and a relatively low median income of $50,433, plenty of Hoosiers appear to have trouble finding money to put away.

Percentage of those with less than $1,000: 36.6 percentPercentage of those with more than $1,000: 63.42 percent

The Hawkeye State’s median income of $54,570 is a bit under the national median, but the 63.42 percent of respondents replying that they have $1,000 or more in savings was the median response for the GOBankingRates survey. With the nation’s sixth-lowest income inequality, it also seems as though a broad section of Iowans are earning and saving money.

Percentage of those with less than $1,000: 29.99 percentPercentage of those with more than $1,000: 70 percent

Residents of Kansas are doing a strong job of saving, finishing sixth in the survey. This is likely aided by the eighth lowest cost of living and a 3.4 percent unemployment rate.

Percentage of those with less than $1,000: 40 percentPercentage of those with more than $1,000: 60 percent

Kentucky is below the median for having the most savers, likely driven by one of the nation’s highest poverty rates of 18.5 percent and fifth-lowest median income of $44,811.

Percentage of those with less than $1,000: 41.66 percentPercentage of those with more than $1,000: 58.34 percent

Many in Louisiana are likely having a tough time making ends meet, with the second-highest poverty rate of 20.2 percent and the sixth-lowest median income. So, it might come as no surprise that over 40 percent of respondents don’t have more than $1,000 in an emergency fund.

Percentage of those with less than $1,000: 36.36 percentPercentage of those with more than $1,000: 63.63 percent

Maine’s unemployment rate of just 3 percent could be an indicator of why more Mainers appear to be able to prioritize saving because their cost of living is among the 15 least affordable in the country.

Percentage of those with less than $1,000: 30.3 percentPercentage of those with more than $1,000: 69.69 percent

Marylander residents appear to be doing a pretty solid job of saving, which should come as no great surprise for the state with the highest median income in the country at $76,067, the third-lowest poverty rate at 9.7 percent and levels of income inequality that put it in the 10 lowest.

Percentage of those with less than $1,000: 37.92 percentPercentage of those with more than $1,000: 62.07 percent

Bay Staters might be bringing in the money, with a median income of $70,954 that’s seventh-best nationwide. But they’re saddled by a high cost of living, likely making it harder to put money in an emergency fund.

Percentage of those with less than $1,000: 42.5 percentPercentage of those with more than $1,000: 57.5 percent

Michiganders might be blessed with the third-lowest cost of living in the country, but many are still suffering through some relatively tough times, with 15 percent of the state’s residents living in poverty and the nation’s eighth-worst unemployment rate at 4.7 percent.

Percentage of those with less than $1,000: 30 percentPercentage of those with more than $1,000: 70 percent

Minnesota is one of just nine states where at least 70 percent of respondents answered that they have at least $1,000 saved for an emergency. The state enjoys the nation’s fourth-lowest poverty rate at 9.9 percent, 10th-lowest unemployment rate at 3.1 percent and the ninth-lowest level of income inequality, all factors likely contributing to a larger segment of Minnesotans contributing to their savings account.

Percentage of those with less than $1,000: 47.83 percentPercentage of those with more than $1,000: 52.17 percent

Mississippi has the lowest cost of living in the U.S. So why aren’t more Mississippians putting money away for an emergency?

It probably has something to do with the state having the highest poverty rate (20.8 percent) and the lowest median income ($40,528) in the country.

Percentage of those with less than $1,000: 30.3 percentPercentage of those with more than $1,000: 69.7 percent

Missouri is just outside of the top 10 for the diligence of its savers. The state has relatively low unemployment (3.5 percent), and they are ranked sixth-least likely to be living paycheck to paycheck in another GOBankingRates study.

Percentage of those with less than $1,000: 57.14 percentPercentage of those with more than $1,000: 42.86 percent

Big Sky Country finishes dead last with just 42.86 percent answering that they have at least $1,000 saved away for hard times.

Montanans answered that their biggest sources of financial stress are debt and taxes in another GOBankingRates survey, despite having an average debt load that a GOBankingRates study found to be significantly lower than it is for the average American.

Percentage of those with less than $1,000: 42.5 percentPercentage of those with more than $1,000: 57.5 percent

Cornhuskers didn’t do an especially strong job with saving in the survey, which is surprising given the state has the nation’s fourth-best unemployment rate of 2.7 percent, fifth-lowest average amount of debt at just $8,426 and low levels of income inequality.

Percentage of those with less than $1,000: 40 percentPercentage of those with more than $1,000: 60 percent

Nevada is in the middle of the pack for states with better savings habits despite having the nation’s fifth-worst unemployment rate at 5 percent.

Percentage of those with less than $1,000: 33.33 percentPercentage of those with more than $1,000: 66.67 percent

New Hampshire has the nation’s lowest poverty rate of just 7.3 percent, is among the 10 highest median incomes at $68,485, has the third-lowest unemployment rate at 2.6 percent and ranks in the 10 lowest for income inequality.

But if you’re thinking all of that should point to an even better result for how many residents are building their savings, keep in mind that the state’s cost of living is the 12th-highest in the country.

Percentage of those with less than $1,000: 30.19 percentPercentage of those with more than $1,000: 69.81 percent

Life in New Jersey can be expensive, as the nation’s most-taxed state and the state with the 11th-highest average cost of living. Still, the state’s median income is third-best at $73,702, and the residents appear to be taking advantage of their larger paychecks to bolster their emergency fund.

Percentage of those with less than $1,000: 30 percentPercentage of those with more than $1,000: 70 percent

New Mexico is another of the nine states that have 70 percent or more of respondents reporting they have at least $1,000 saved for an emergency, this despite the state’s poverty rate of 19.8 percent (third-worst in the U.S.), 6 percent unemployment (third-worst in the U.S.) and a median income of $45,674 (seventh lowest in the U.S.).

Perhaps the higher levels of savings can be explained by the relatively low level of debt for the average inhabitant of the Land of Enchantment.

Percentage of those with less than $1,000: 41.39 percentPercentage of those with more than $1,000: 58.63 percent

Residents of the Empire State have several reasons why they might not be sufficiently bolstering their emergency funds. They’re the state where residents are third-most likely to be living paycheck to paycheck, they have the third-highest cost of living of any state, the second-highest rate of taxation and the second-highest level of income inequality.

Percentage of those with less than $1,000: 37.25 percentPercentage of those with more than $1,000: 62.75 percent

Tar Heels finish right in the middle of the results for savers in the survey, with 62.75 percent reporting at least $1,000 in the bank for unexpected emergencies. In a GOBankingRates survey, North Carolinians did cite debt as the largest driver of financial stress.

Percentage of those with less than $1,000: 55 percentPercentage of those with more than $1,000: 45 percent

North Dakotans are the third-worst state for saving in the survey, with more than half of respondents reporting they had saved less than $1,000 for an emergency even though the state has the nation’s second-lowest unemployment rate, 10th-lowest poverty rate and a median income over $59,114.

Percentage of those with less than $1,000: 37.84 percentPercentage of those with more than $1,000: 62.16 percent

Ohio is below-average in how many of its inhabitants reported having significant savings, but not by much. The sting of having the nation’s ninth-highest unemployment rate is likely mitigated some by having the 10th-lowest average debt per person at just $14,769.86.

Percentage of those with less than $1,000: 40.91 percentPercentage of those with more than $1,000: 59.09 percent

Given that Oklahoma is the state ranked second-least likely for residents to be living paycheck to paycheck, and that its median home price of $116,900 is the nation’s third-lowest, you might expect more Sooners to be building a cushion in their savings account.

Percentage of those with less than $1,000: 51.29 percentPercentage of those with more than $1,000: 48.71 percent

More than half of Oregon’s residents have less than $1,000 in their emergency fund, but they might have an excuse. Oregon can be expensive, with the 13th-highest cost of living. It adds up to Oregonians being the sixth-most likely to be living paycheck to paycheck.

Percentage of those with less than $1,000: 38.67 percentPercentage of those with more than $1,000: 61.34 percent

The Keystone State is right in the middle of the pack for how its residents responded to the survey on how much they had saved. Pennsylvanians said the primary driver of financial stress for them is debt, despite the fact that the average amount of debt held by a Pennsylvanian is about half the national average.

Percentage of those with less than $1,000: 33.33 percentPercentage of those with more than $1,000: 66.66 percent

Rhode Islanders were better than most when it comes to saving, despite being amongst the top 10 for states with a high cost of living and the 11th-most likely to have residents live paycheck to paycheck. It could be that inhabitants of the Ocean State have a median income of $58,387, right around the national median.

Percentage of those with less than $1,000: 52.77 percentPercentage of those with more than $1,000: 47.23 percent

South Carolina has the dubious distinction of having more residents than not with less than $1,000 saved, coming in as the state with the fourth-most respondents on the wrong side of that divide. This could be explained by the state’s median income of only $46,898.

Percentage of those with less than $1,000: 28 percentPercentage of those with more than $1,000: 72 percent

South Dakotans appear to be among the nation’s most frugal, ranking third-best in the survey. The state’s residents also do a solid job of living within their means, with an average level of debt that was the fourth-lowest nationwide at just $6,738.38.

Percentage of those with less than $1,000: 48.71 percentPercentage of those with more than $1,000: 51.29 percent

Tennesseans’ responses to the survey revealed their state to be among the 10 worst for saving. This is curious given that Tennessee is the fifth-least likely state for its residents to be living paycheck to paycheck and has the seventh-lowest cost of living. But it also has the eighth-lowest median income at $46,574 and a poverty rate above the national average at 15.8 percent.

Percentage of those with less than $1,000: 30.68 percentPercentage of those with more than $1,000: 69.32 percent

Everything’s bigger in Texas, including their savings accounts. Texans appear to benefit from a low cost of living, but they are also the state with the third-highest average debt load per resident with that coming in at $185,583.79.

Percentage of those with less than $1,000: 33.34 percentPercentage of those with more than $1,000: 66.67 percent

Residents of the Beehive State are earning significantly more than the national average, with a median income of $62,518. And they appear to be doing a solid job of stretching those benefits across the social strata, with the second-lowest level of income inequality in the country.

Percentage of those with less than $1,000: 50 percentPercentage of those with more than $1,000: 50 percent

The Green Mountain state saw an even 50-50 split among respondents in the survey, putting it in the bottom 10 states for effective savers. Vermont is among the top 10 costliest states to live in, driven in part by its relatively high taxes.

Percentage of those with less than $1,000: 39.02 percentPercentage of those with more than $1,000: 60.98 percent

Virginians do a sub-par job in the saving department despite having the ninth-highest median income in the U.S. This could be because, while Virginia is for lovers, it also appears to be for those in more debt than the average American.

Percentage of those with less than $1,000: 33.33 percentPercentage of those with more than $1,000: 66.67 percent

Residents of the Evergreen State are slightly better than average at setting up an emergency fund. Still, Washingtonians might be earning enough to still have something left over to put aside: Their median income of $62,848 is the 12th-highest in the country.

Percentage of those with less than $1,000: 49.99 percentPercentage of those with more than $1,000: 50 percent

West Virginia is the sixth-worst state at saving for an emergency. The Mountaineers are grappling with the nation’s fourth-highest unemployment rate (5.5 percent), the sixth-highest poverty rate (17.9 percent) and the third-lowest median income ($42,644).

Percentage of those with less than $1,000: 31.04 percentPercentage of those with more than $1,000: 68.97 percent

America’s Dairyland is almost as good a state for savers as it is for cheese. Wisconsinites have a low unemployment rate of just 3 percent and the state is among the 10-lowest levels of income inequality, apparently helping more of them find money to save for an emergency.

Percentage of those with less than $1,000: 27.29 percentPercentage of those with more than $1,000: 72.22 percent

Wyoming might be home to the nation’s first national park, but it’s also home to the lowest taxes and the fourth-lowest income inequality, helping a broader swath of the state put some money aside. Wyoming had the second-highest percentage of respondents report having more than $1,000 saved for an emergency.