A new study by Credit One Bank has revealed that 62% of Gen Z Americans have no emergency savings. The study that surveyed 1,150 people found that older generations have had time to build savings for emergency situations, while younger people lack that safety net. While 65% of Baby Boomers said they have cash stowed away for emergencies, only 38% of Gen Zers have any rainy day cash savings. Two-thirds of respondents have less than 6 months worth of emergency savings, with married couples twice as likely as singles to have $2000 put aside. Younger generations are much more reliant on credit cards for emergencies. One in four Gen Z and Millennial respondents said they would max out their credit cards in a pinch. 51% of people said they would use a credit card for a $500 emergency, rising to 60% under among 35s and 70% among students.