Some interesting findings out this week from Gallup, which has been polling American investors on how much money they have set aside for a rainy day. The vast majority of people with $10,000 or more in investable assets - 81 percent - report that they do indeed have such an emergency fund.
But just because some money has been put away, that doesn't mean there's an awful lot of it. Only 30 percent of investors say they could live off their emergency funds for a year or more. Around half, or 51 percent, said they could live off their rainy-day money for six months or less. The numbers are much higher for retirees; fully half of them say they could live for a year on their emergency money.
Where do people keep this money? More than half - 55 percent - have it stashed away in a savings or checking account. Only 15 percent of all investors keep their rainy day money in stocks or bonds.
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