Over six in ten Americans don't have enough savings to cover a $500 or $1,000 unplanned expense, according to a new report from Bankrate.

Only 41% of adults reported that they had enough in their savings account to cover a surprise bill of this magnitude. A little more than 20% stated that they would put it on a credit card, while 20% would cut their spending and 11% would turn to friends and family for financial assistance, CNN reported.

Last year, only 37% of Americans reported having enough savings to cover an expense of $500 or more.