The cost of living in America is rising, causing 66% of Americans to feel stressed about their savings. Many struggle to save, with 40% having $250 or less in their savings accounts, and 18% having nothing saved. Over one-third of Americans don’t save any of their paycheck, while Gen X is most likely to save none of their paycheck.

Experts recommend having three to six months’ worth of living expenses in a liquid savings account as an emergency fund. However, 19% of Americans have nothing saved, and 21% have between $1 and $250 saved. Older Gen Zers and younger millennials are most likely to have nothing saved, while boomers are the most likely to have $2,000 or more saved.

Despite the need for savings, many Americans struggle to contribute from their paychecks, with 34% contributing nothing due to living paycheck to paycheck. Gen X is the most likely to save none of their paycheck, while Gen Z is the most likely to dedicate a significant percentage of their paycheck to savings. The ideal percentage to save depends on individual financial circumstances.

It’s crucial to continue saving even with a full emergency fund, directing funds toward short-term goals, retirement accounts, investments, or debt reduction. The survey conducted by GOBankingRates gathered data from 1,006 Americans, highlighting the financial challenges many face with saving and the importance of financial planning.

Read more at Yahoo Finance: How Much Americans Are Putting Toward Savings Each Paycheck