According to a brand new survey from Bankrate.com, just 37% of Americans have enough savings to pay for a $500 or $1,000 emergency. The other 63% would have to resort to measures like cutting back spending in other areas (23%), charging to a credit card (15%) or borrowing funds from friends and family (15%) in order to meet the cost of the unexpected event.

It’s not news that Americans are terrible savers. In November, Pew Charitable Trusts reported that one in three American families have no savings at all. In December, Magnify Money released the results of a study that found that 56.3% of people have less than $1,000 in their checking and savings accounts combined. Sensing a trend? You should: America’s saving struggle has been a problem year after year after year.

 But this latest survey is particularly striking because of the implications it carries.