Some experts have increased the likelihood of a recession. Here's the recommended amount for emergency savings.

• A Bankrate survey found that about 60% of Americans are not comfortable with their emergency savings, an increase from 48% in 2021.
• Experts advise investors to maintain emergency savings regardless of the economic climate to cover expenses in case of job loss or unforeseen bills.
• However, savings benchmarks can depend on your family's circumstances.

Financial advisors offer recommendations on the amount of cash investors should keep on hand amid economic uncertainty.

Nearly 60% of Americans mistakenly believe the U.S. is in a recession, despite positive second-quarter economic growth, according to a June survey of 2,000 adults from Affirm.

Despite Goldman Sachs and JP Morgan raising their recession forecasts in August, other experts anticipate an "economic soft landing," suggesting the Federal Reserve's policy won't trigger a recession.

Despite inflation easing, a weaker-than-expected jobs report for July caused stock market volatility last week.

Here's what the candidates could mean for your wallet: * Tim Walz vs. JD Vance: What the candidates could mean for your wallet * Average consumer now carries $6,329 in credit card debt. 'People are stretched' * The unemployment insurance program is unprepared for a recession, experts say.

Nearly 60% of Americans are not comfortable with their emergency savings, an increase from 48% in 2021, according to an annual Bankrate survey of over 1,000 U.S. adults in May.

According to Bankrate's polling, 27% of respondents did not have emergency savings, which is the highest percentage since 2020.

Financial advisors recommend setting aside a certain amount of cash to cover expenses in case of unexpected bills or job loss, regardless of the economic climate.

Dual earners: Three months is a rule of thumb

According to Greg Giardino, a certified financial planner and vice president of Wealth Enhancement Group in Oakland, New Jersey, families with double income should aim to save at least three months of their living expenses.

He said that the reliability of income sources should be taken into consideration when determining the need for more than tenured professors, such as commissioned workers with unpredictable cash flow.

It is challenging to accumulate that amount of cash reserves. According to Bankrate's survey, only 44% of Americans have three months of expenses saved for emergencies.

Single income: Save six months or more

Experts recommend that single individuals or families with a single income should save at least six months' worth of expenses.

Having more cash reserves could provide greater flexibility during a job loss or economic downturn.

Boneparth, a CFP and president of Bone Fide Wealth in New York, recommends that single earners save between six to nine months.

Boneparth, a member of CNBC's Financial Advisor Council, stated that he had never met someone who was unhappy about having extra cash.

Catherine Valega, a Boston-based CFP and enrolled agent, who founded Green Bee Advisory, stated that she is more conservative than most other advisors and recommends that single earners save 12 to 18 months of living expenses in "safe, liquid investments."

Despite the possibility of the Federal Reserve reducing interest rates in September, investors still have access to "high-yield savings opportunities," she stated.

Entrepreneurs: Keep up to one year of expenses

Entrepreneurs and small business owners with unstable income could benefit from saving eight to twelve months' worth of expenses, as advised by Giardino of Wealth Enhancement Group.

The amount for emergency savings varies based on individual circumstances and family requirements.