Nearly three-quarters of Americans (73 percent) report that they "spend less than their income and save the difference." But little more than half of them (53 percent of all respondents) say they save at least 5 percent of their income, and only 28 percent say that they save at least 10 percent of their income. Experts urge people to save at least 10 percent of their income.

More than two-thirds (71 percent) report that they "have sufficient emergency savings to pay for unexpected expenses like car repairs or a doctor visit."

I encourage a savings rate of 10% of pre-tax income for retirement in a 401(k) plan or IRAs and 10% after taxes for an emergency fund, vacations, major purchases and college savings.  I also encourage at least 3 months of living expenses in an emergency fund.  Far more than a doctor's bill!

These statistics are REALLY scary!  What are we teaching and showing our children?  Yikes! I try to teach my daughters (and any other teenager that will listen!) that credit cards are not for emergencies.  Savings accounts are for emergencies.  Let's get our act together, America!  Save those economic stimulus checks that are coming this summer. Do not spend them like the President wants you to!