Nearly a quarter of adult Americans have zero savings to pay for emergency situations including a layoff or major medical bills, new research has revealed.

Bankrate’s newly released June Financial Security Index survey indicates that 24 per cent of Americans have not saved any money at all for their emergency funds.

This is despite experts recommending that people strive for a savings cushion equivalent to the amount needed to cover three to six months' worth of expenses.

Nearly a quarter of adult Americans have zero saved to pay for emergency situations like layoffs or large medical bills, according to a new survey

Surprisingly, Bankrate says that this is a good thing — the percentage of people with zero savings for a financial emergency is actually now at its lowest rate since the financial services company began polling in 2011.

The June survey also found that 31 per cent of Americans have what Bankrate considers an 'adequate' savings cushion — six or more months' worth of money to pay expenses — which means that nearly two-thirds of the country isn't saving enough money.

Still, Bankrate notes, 31 per cent of people with adequate savings marks a vast improvement over the last seven years and is the highest percentage of people with that level of savings.

Bankrate broke down its survey results to distinguish between baby boomer and millennials' savings habits.

Of the 1,003 adults surveyed, the financial services company found that young millennials — ages 18 to 26 — frequently fell into the category that saved three to five months' worth of expenses money.

Only 31 per cent of Americans have what Bankrate considers an 'adequate' savings cushion — six or more months' worth of money to pay expenses

Of the young millennials polled, 27 per cent said they had three to five months' of emergency expenses money saved, as compared to only 11 per cent of baby boomers who'd saved the same amount of money.

After witnessing their parents struggle during the recession, young millennials 'are trying to be savvier with their money,' consumer savings expert Andrea Woroch told Bankrate.

Where baby boomers fared significantly better, however, was in the six months' or more category of emergency funds. There, boomers clocked in at 38 per cent with that amount of savings, versus 23 per cent of millennials.

For those falling short on the emergency savings front, president and owner of Century Financial, Brian White, told Bankrate that any extra money earned — including windfalls like work bonuses — should be put into a high-yield savings or money market account, instead of being spent on things like new cars or unnecessary home renovations.