Happy Sunday, and welcome to Benzinga’s financial advisor newsletter.

Today we're talking about savings. According to a recent study, one in three U.S. adults has no emergency savings. However, not all generations are equal. Here’s a look at how they stack up.

Plus, a look back at the last week of market activity.

Table of Contents

• Industry Chatter

• Weekly Market Recap

• The Week Ahead

INDUSTRY CHATTER

The Emergency Savings Crisis: 1 In 3 Americans Have Nothing Set Aside

Everyone knows the importance of having an emergency fund, however, high costs and financial instability are making it harder than ever to build a safety net. August’s inflation report showed a rise in annual inflation, climbing to 2.9%, the highest level since January.

And according to a new study, 64% of Americans say growing their emergency fund is a top priority, yet the median balance is just $500. Even more alarming, is that 32% of those surveyed have no emergency savings at all, and nearly half say their current savings wouldn’t help if they lost their job today.

For advisors, this highlights a persistent financial gap — not just in dollars, but in behavior.

What Clients Say vs. What They Do

There’s no lack of awareness. In fact:

• 75% agree emergency savings are essential to financial security

• 64% say it’s a top priority for them

• 52% say they regret not starting sooner

But those good intentions are running into real-world headwinds:

• 39% say inflation is the biggest barrier to saving

• 35% cite high monthly expenses

• 32% say their income is too low or irregular

• Nearly 60% say saving feels “almost impossible” right now

In other words, most clients aren’t ignoring their emergency fund, they’re overwhelmed by competing financial pressures.

Generational Check-In

So how do different generations stack up?

According to the survey, Boomers are far ahead with a median emergency fund of $2,000. Results also showed that they feel they could handle an emergency expense over $10,000. Gen X is the next highest with an emergency fund of $500, however, the results also showed that they were the most likely to say they couldn’t afford an unexpected $400 expense (35%). Gen Z as a higher average than Millennials at $400, however, 1 in 4 don’t have an emergency savings. Meanwhile, Millennials came in at the lowest at $300.

Interestingly, younger generations are more likely to be looking for help with 33% of Gen Z saying they’ve already worked with a financial advisor, while nearly 30% of Millennials said the same thing.

How Advisors Can Help

Emergency savings aren’t glamorous — but they’re foundational. This is a great place for advisors to provide clarity and calm, especially for clients who feel like they’re constantly behind.

Here are several ways you can help:

• Getting Started — Build the habit, no just the fund. Normalize starting small and the importance of it. Reinforce that $100 is better than $0, and it’s okay to build slowly. Small, consistent contributions add up over time.

  Emphasize Flexibility — Encourage clients to save something, even without a hard-and-fast “six months” goal.

• Follow Ups — Consider regular check-ins on emergency funds — just like you would with investment allocations. Encouragement goes along way.

For many clients, emergency savings aren’t just about financial preparedness—they’re about peace of mind. Helping them take small, consistent steps toward that can be one of the most valuable services you offer.

WEEKLY MARKET RECAP

Wall Street Tops Record Highs As Fed Cuts Rates, Signals More Ahead

Wall Street climbed to fresh record highs after the Federal Reserve delivered its first interest rate cut in nine months — hinting that more reductions could be on the way.

On Thursday, the S&P 500, Nasdaq 100, Dow Jones and small-cap Russell 2000 all closed at all-time highs as investors celebrated the Fed's move.

Fed Rate Cuts

At its September meeting, the central bank lowered rates by 25 basis points to a target range of 4%–4.25%, in line with expectations, as policymakers shifted their focus toward a cooling labor market.

The decision wasn't unanimous: Fed Gov. Stephen Miran — appointed by President Donald Trump to replace Adriana Kugler, who resigned last month — argued for a deeper 50-basis-point cut.

Fed Chair Jerome Powell called the move a "risk management cut," stressing that the Fed acted preemptively to avoid a sharper labor market slowdown. He also played down inflationary pressures from tariffs, describing them as a temporary, one-off factor in the Fed's baseline outlook.

“A reasonable base case is that the [tariff] effects on inflation will be relatively short-lived,” Powell said.

The Fed's updated projections raised both growth and inflation estimates. Yet its rate forecast painted a more aggressive cutting path: two more reductions by the end of 2025, followed by one each in 2026 and 2027.

How Will Rate Cuts Impact Homebuyers?

Rate-sensitive sectors are already showing signs of revival. Mortgage demand spiked ahead of the Fed's decision, with homebuyers rushing to refinance.

In the week ending Sept. 12, total mortgage applications surged 29.7% from the prior week, while refinancing activity jumped 57.7% — the highest level since March 2022, according to the Mortgage Bankers Association.

Intel’s Surge

Intel (INTC) was the standout stock of the week. Shares jumped 23% on Thursday after NVIDIA (NVDA) revealed a $5 billion investment in Intel common stock at $23.28 per share, giving it roughly a 5% stake. The investment is part of a broader partnership to co-develop multiple generations of custom chips for data centers and PCs.

Ford Slumps, Auto Recall

Ford (F), meanwhile, posted its third straight weekly loss. The automaker recalled 101,944 U.S. vehicles after regulators warned that faulty door trim could detach while driving, posing a crash risk, according to the National Highway Traffic Safety Administration.

THE WEEK AHEAD

Micron, Costco, AutoZone, Cintas, KB Home and Accenture to report earnings, GDP, Jobless claims, PCE, Consumer sentiment, Jerome Powell, and more

Economic Data

• Monday: Fed Speeches (Williams, Barkin, Hammack, Miran, Musalem)

• Tuesday: Services and manufacturing PMI, Jerome Powell speech

• Wednesday: New home sales, crude inventories, Fed speech (Daly)

• Thursday: Initial jobless claims, GDP, retail inventories, durable goods

• Friday: Personal income/spending, PCE, consumer sentiment

Earnings

• Monday: Firefly Aerospace (FLY)

• Tuesday: Micron (MU), AutoZone (AZO)

• Wednesday: Cintas (CTAS), Thor Industries (THO), KB Home (KBH)

• Thursday: Costco (COST), Accenture (ACN), CarMax (KMX)

• Friday: KNOT Offshore (KNOP)

Click here for the full calendar of economic data and earnings reports.

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