Today, close to half of all Americans are living on the edge financially.  For many, it is out of necessity, but for others it is a conscious choice.  Way too many people out there see no need to build up a substantial financial cushion because they have a tremendous amount of faith in the system.  They don't think that things will ever get too bad in this country, and so there is no urgency to put funds away for a rainy day.  But even if authorities could somehow prevent an economic downturn from ever happening again, individual emergencies are taking place all around us on a constant basis.  Cars break down, people get sick, and accidents happen.  Unfortunately, most Americans are completely unprepared for some sort of an emergency to strike.  In fact, a brand new survey has discovered that just 41 percent of Americans could cover a $1,000 emergency expense using their current savings…

Bankrate's January Financial Security Index survey reveals that just four in 10 U.S. adults (41 percent) would cover the cost of a $1,000 car repair or emergency room visit using savings. The findings echo what previous Bankrate studies and others — including the Federal Reserve and the Pew Charitable Trusts — have found about Americans' lack of rainy-day savings.