Survey finds that 3 in 10 Americans don't have any savings

A new survey has found that thanks to slow income growth, nearly three in 10 Americans don't have any savings tucked away for emergencies.

That's the highest number since Bankrate started tracking savings five years ago, NBC News reports. "The missing link in the economic recovery over the last few years has been the lack of growth in household income," Bankrate chief financial analyst Greg McBride said. "That makes it very difficult for people to ramp up their savings." The survey was conducted in early June, and researchers found that not only do 29 percent of Americans not have any savings, but another 21 percent have less than three months worth of expenses saved.

One problem is that when something unexpected comes up — a car breaking down, or medical expenses — savings are being depleted and the money isn't being replaced. "When you combine tight household budgets with the inevitability of unexpected expenses... they've wiped it out completely, or they have less than what they had a few years ago," McBride said. "Without enough emergency savings, you don't have an adequate buffer between you and high-interest debt."

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