SALT LAKE CITY (KUTV) — Nearly 60% of Americans said they would not be able to cover a $1,000 emergency expense, according to a Bankrate survey.
With prices remaining high for groceries, gas and other everyday necessities, many families are struggling to build emergency savings.
“Honestly, it’s kind of hard,” said Thomas Williams, a Utah resident.
A separate 2025 PNC Bank survey found 67% of Americans said they are living paycheck to paycheck. Some Utah residents said the pressure is forcing them to take on additional work.
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“Working two jobs is not really enough. So right now, I’m just trying to get a third job,” Williams said.
After paying bills, many people said there is little left to save.
Mary Woodard of Granite Credit Union said the challenge is clear when looking at household budgets.
“I think sometimes when we think of an emergency fund and then we look at what our annual income is, you’re like, how is this even possible?” Woodard said.
Woodard said even small steps can make a difference when building savings over time.
Eye On Your Money. (Graphic: KUTV)
She said saving even $5 from each paycheck can add up and help build momentum toward an emergency fund.
When asked what people should do now, Woodard pointed to tracking spending as a first step.
“Start tracking your spending. See where your money’s going. You might be surprised at where there is some wiggle room, even to lessen the stress of your expenses and your bills,” Woodard said.
She also recommended using a high-yield savings account to earn interest on money set aside for emergencies.
Experts said shoppers can cut costs at the grocery store by using rewards programs and clipping coupons.
Woodard said building savings takes time but encouraged people not to give up.
“Starting out small and being intentional with your spending is going to set you up for success,” Woodard said.
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