Skimping on Rainy Day Bank Accounts.

• Position: EMERGENCY FUNDS

The rainy day fund for many middle- and low-income households is empty, reports a consumer finance survey by NeighborWorks America, Washington, D.C. The poll found that 38% of all households with incomes below $75,000 have no money saved for an emergency, and 59% of those with incomes below $20,000 are without any emergency cash reserves. Meanwhile, 20% of solidly middle-income ($60,000-$75,000) households report not having any emergency savings. These results illustrate that, despite years of consistent economic growth, millions of households continue to struggle financially.

The lack of emergency savings likely is connected closely to the need of many people to stay on top of bills and pay off existing high-cost debts. Twenty-eight percent of all respondents say their most-important financial goal is to pay bills, and 36% of those ages 50-64 say paying bills is their No. 1 financial goal. Twelve percent indicate that saving for an emergency is a top priority.

Taken together, it is no surprise that 44% of low- and middle-income people maintain they are not confident they could withstand a sudden financial shock. In fact, a...