Study: More than a quarter of families with young children lack rainy-day fund

CREATED May 22, 2014

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What percentage of Wisconsin families with young children lack rainy-day savings?

According to a new study released by BMO Harris Bank, it's 28 percent. 
 
The study also found that 45 percent of soon-to-be parents have no rainy-day funds. Only 17 percent of parents and 15 percent of future parents have more than $10,000 saved.
 
“It can be difficult to start saving for a rainy day when it could be years away, but starting with small amounts each month can make a big difference down the road. Parents should aim to have between three and six months of their pre-tax income set aside,” said Kara Kaiser, Regional President, Southeast Wisconsin, BMO Harris Bank, in a press release.
 
“It’s encouraging to see from our survey that two thirds do have something saved, and a quarter have upwards of $10,000 set aside.”