Core Insights - Building emergency savings is a top financial priority for 64% of Americans, but actual savings vary significantly by generation [1] Generation Comparison - The median emergency savings balance for Americans is $500, with baby boomers having a median of $2,000, which is over six times more than millennials and five times more than Gen Z [2][3] - Emergency fund balances by generation are as follows: Boomers: $2,000, Gen X: $500, Millennials: $300, Gen Z: $400 [7] Factors Influencing Savings - Baby boomers have had a longer time to save, contributing to their higher emergency fund balances [3] - Boomers often keep their emergency funds in high-yield savings accounts, allowing them to earn more interest over time [4] - The financial needs of boomers may be greater due to higher expenses and income compared to younger generations [5] Financial Challenges for Younger Generations - Gen Z and millennials face significant student loan burdens, averaging $526 and $215 per month, respectively, which hampers their ability to save or invest [6]