Nearly 14% of Americans have wiped out their emergency savings during the pandemic: CNBC + Acorns survey

Nearly 14% of Americans have wiped out their emergency savings during the pandemic: CNBC + Acorns survey  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, SEP 02, 2020 YOUR WEALTH Editor's Note Creating an emergency savings fund is not a new concept. Financial experts have been preaching this for many years. An emergency fund is basically money that has been set aside to cover any of life's unexpected events. This money will help you for a few months should you happen to lose your job or if you experience unexpected medical or dental bills or a major home or auto repair. To be sure, no one can predict what life will throw at us. Which is why having an emergency fund is so vital. Many people, however, who did the right thing and had emergency funds set aside were hit hard financially by the pandemic. Since the virus was declared a pandemic, 14% of Americans said they've wiped out their emergency savings, according to a new CNBC + Acorns Invest In You Savings Survey. But for those who had a true emergency fund, with a few months of living expenses socked away during this pandemic, the financial disruption had to be a bit less painful to handle versus people who had no emergency money to tap. The outbreak is simply highlighting the importance of creating one. Sadly, about 28% of adults have no emergency savings, according to a Bankrate study. In fact, some 38% of Americans could not come up with $500 in cash to handle an unexpected expense. Their options were to borrow from family or friends, sell something, take out a loan or use a credit card. This pandemic should serve as a wake-up call to those without an emergency fund. Many financial experts typically suggest that you should stash away three to six months' worth of living expenses. However, depending upon your preferences and income level, the amount can vary. I know that's not easy to do. But now is the time to try to start saving, even if you can only contribute $10 or $20 every few weeks in the beginning. Those consistent payments will add up. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Join CNBC Events at the next @Work CFO Spotlight on Sept. 23, where finance leaders discuss striking the balance of weathering the storm while planning for the future. Featured guests include former CFOs from Coca-Cola, Gilead, Goldman Sachs and more. Learn more by clicking here. Jim Pavia @JIMPAVIA Nearly 14% of Americans have wiped out their emergency savings during the pandemic: CNBC + Acorns survey Since the virus was declared a pandemic, 14% of Americans — as many as 46 million — said they've wiped out their emergency savings, according to a new CNBC + Acorns Invest in You survey. Today is the first day of the payroll tax deferral. It's complicated, here's what we know Employees may soon see changes to their take-home pay as the payroll tax holiday rolls out. Here are a few things they should know to prepare. When it comes to Apple and Tesla stock splits, investors should tread lightly, advisors say Investing in Apple and Tesla looks a lot more affordable after both companies split their stocks. Here's why you might want to stay on the sidelines, according to financial advisors. Here's how to qualify for a mortgage in retirement Lenders generally want to see stable income from borrowers, which can require some strategizing by people who already have left the workforce — and a steady paycheck — behind. Due to pandemic, more than 13 million college students are worried about their financial future: study Amid extreme economic uncertainty and rising student debt balances, most college students say the coronavirus crisis has changed how they feel about their financial future. How much you'll need to save per month to retire with $1 million on a $50,000 salary, broken down by age You'll want to start saving at a young age if you plan to retire with $1 million on a $50,000 salary. Here's a breakdown of how much you will need to put in savings to reach your goal. Don't leave your retirement savings behind when you switch jobs Leaving a job and ignoring your old 401(k) retirement assets is like putting money in a box under your bed and forgetting it's there. You need to create a plan for that money and find ways to reinvest it. Young workers at risk of financial exhaustion due to coronavirus pandemic Young Americans feel pushed to the limit when it comes to coping with the stress of work and their finances. For many, that means they are "living like they are broke" rather than above their means. Here's how the pandemic has upended the financial lives of average Americans: CNBC + Acorns survey People are saving more and spending less, according to a new CNBC + Acorns Invest in You survey conducted by SurveyMonkey. How to spend your money now that student loan payments are on hold With student loan relief included in the CARES Act extended through the end of the year, CNBC Select outlines how borrowers can spend the money that would have gone to monthly payments. Art Cashin on the short-term effects of stock splits "The legendary floor trader Art Cashin weighs in on the Tesla and Apple stock splits, which became effective today, in an emailed note ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS