Half Of Americans Don't Have Savings To Cover Essential Expenses In Emergency

"Nearly half of all households in major cities don’t have enough money saved to cover essential expenses in an emergency, according to a study that the Corporation for Enterprise Development plans to release Wednesday....This nerve-racking financial insecurity has come to characterize life in cities across the country....The lack of savings not only means that families are frighteningly vulnerable to setbacks but that they are also unable to plan for the future even in the good times. Financial advisers recommend having savings equivalent to three months’ income to get through a rough patch." Patricia Cohen in The New York Times.