The path to achieving financial milestones like paying for a college education, buying a car, owning a home and retiring at an early age always begins with one step: saving for the future.

A recent study by Fifth Third Bank (NASDAQ: FITB) found many Americans haven't set aside the savings to support their financial goals. In fact, 47% of respondents frequently live paycheck to paycheck. The results revealed interesting insight into our nation's approach to saving for the future.

More than half of those surveyed know an emergency fund should hold six months of living. expenses, yet two-thirds of Americans don't have that amount in savings.
30% don't have an emergency fund at all.

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