As Financial Literacy Month ends, CPAs urge consumers to strengthen their savings plans

WASHINGTON, April 28, 2026 /PRNewswire/ — A Financial Literacy Month survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) shows that while a large number of Americans (78%) report that they do have money set aside in a savings/emergency fund to cover living expenses, savings by adults ages 45-54 and women is lagging.

“It’s encouraging to see that Americans are prioritizing their savings as they also manage the rising costs of many living expenses,” says Cary Sinnett, senior manager, AICPA Personal Financial Planning. “The concern is that not everyone has been able to make that happen, which can leave them financially vulnerable.”

More Short-Term Savings than Long-Term Reserves

CPAs who specialize in personal financial planning frequently advise clients to have at least six to eight months of living expenses set aside. This can serve as a financial cushion to help them handle smaller everyday disruptions like car repairs, medical bills and rising grocery costs to larger crises like job loss, a serious medical emergency or loss of a spouse or partner.

While 78% of Americans report having at least some money set aside to cover living expenses, the depth of those savings varies:

• 20% have less than three months’ worth of living expenses saved
• 24% have three to six months saved
• 10% have seven to nine months saved
• 6% have 10 to 11 months saved
• 18% have a year or more saved

Older Americans are more likely to have longer-term reserves:

• 36% of adults over 65 have at least one year of living expenses saved
• 25% of adults between 55-64 have at least one year of living expenses saved
• Only 10% of adults between 18-54 have at least one year of living expenses saved

Women and Midlife Adults More Likely to Have No Savings

The survey data also reveals that 22% of Americans have no money set aside at all in a savings or emergency fund to cover living expenses, leaving them exposed to everyday financial disruptions. 

• 25% of women say they have nothing set aside in savings or an emergency fund, compared with 17% of men.
• Adults ages 45-54 (30%) are significantly more likely to have no savings or emergency fund, than those ages 35–44 (22%) or those ages 55+ (16%).

Cost of Living and Lack of Savings Strain Budgets

Rising costs for essentials may be straining household finances, leaving many Americans with less margin for unexpected expenses or major decisions.

• 33% of Americans say food and groceries are their largest non‑housing monthly expense.
• Over half of Americans who delayed a major decision or expense in the past year (59%) say it was because of the cost of goods/services.
• Nearly half of Americans who delayed a major decision or expense in the past year (45%) say they did so because they lacked savings.
• That financial strain due to lack of savings is even more pronounced among younger adults, with 52% of those ages 18–34 who delayed a major decision or expense in the past year citing a lack of savings as the reason for delays (compared to 34% of those ages 55+).

“Financial insecurity shapes daily life and consumers certainly don’t need a catastrophe to feel the consequences of not having savings,” says Sinnett. “Even modest savings can help avoid tradeoffs that affect health, career and family.”

Advice from CPAs

Make saving effortless with automation
An easy way to build savings is to remove willpower from the equation and treat saving like paying yourself first. Set up automatic transfers from checking to savings, especially on payday, to build your savings steadily without having to think about it. When saving becomes a habit rather than a decision, progress happens almost unnoticed.

Give your savings a purpose
Saving is easier when it’s tied to something meaningful – whether that’s an emergency fund, a future trip, or simply peace of mind. Breaking larger goals into smaller milestones helps you see progress faster and stay encouraged along the way.

Find savings wins in small spending shifts
A quick review of your spending often reveals easy opportunities to save without sacrificing what you enjoy most. Redirecting even a few small expenses toward savings can build meaningful momentum over time.

Put your savings where it can work best for you
Keeping short‑term savings in accessible, low‑risk accounts like high‑yield savings options allows your money to grow while staying available when you need it. This can give you confidence that your savings are both secure and purposeful.

Consumers can find helpful articles on topics such as budgeting, debt, filing taxes, teaching kids about money and more on the AICPA’s Financial Literacy Resources web page.

Survey Method:

This survey was conducted online within the United States by The Harris Poll on behalf of AICPA from March 10 – 12, 2026 among 2,091 adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact the AICPA.

About the American Institute of CPAs

The American Institute of CPAs^® (AICPA^®) is the world’s largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.

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SOURCE AICPA