By editor
Originally published on Wed June 13, 2012 10:09 am
The most important reason Americans save money: To have something salted away for a rainy day.
When researchers asked people the most important reason they save money, building an emergency fund finished slightly ahead of retirement and way ahead of everything else.
This raises a second question: How much do you need in a rainy day fund?
Lucky for us, the researchers asked this question as well. Not surprisingly, people with higher incomes said they needed a bigger emergency fund.
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