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Few Able to Face Financial Emergencies

February 2, 2013
Plain English Version

What happens when the paycheck stops coming in? It may happen because of illness or the loss of a job.

A three-month supply of money is the amount experts say a family needs. A new survey shows that 44 percent of American families do not have enough savings to last three months.

Almost one-third of Americans do not have a savings account.

The main reason is debt related to credit card companies and mortgages. Other reasons are wages that are not rising and prices are going up for important things like gas and food.

About 75 percent of Americans are working full-time. Only about 15 percent of them earn more than $55,000 a year.

Many families, even those with decent earnings, are not prepared for financial emergencies.

The Los Angeles Times

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