Are you prepared for a financial emergency? - KMSP-TV

Are you prepared for a financial emergency?

Posted: Updated:

Are you prepared for financial emergency? FOX Business reporter Lauren Simonetti says a report released by the Center for Enterprise Development shows nearly half of all Americans do not have enough money saved for emergencies.

And if that wasn't enough, some families would not last three months if they suddenly lost their incomes.

In Georgia, less that 75 percent have a savings accounts. The average Georgian carries a debt load of $32,000 in credit and student loans. And Only 27 percent of Georgians have a college degree.

You can read the full report here.

The report shows that nearly 25 percent of families making between $55,000 and $90,000 annually have less than three months of savings.

The report says between the years 2006 and 2010, a net worth decline combined with a climbing cost of living may be the culprit.

Among the items families found difficult to cut back -- housing, healthcare, and education -- take up nearly 75 percent of an average family's spend "discretionary" income.

The top five states where people are living on the edge of ruin: Nevada, Georgia, Mississippi, Florida, and Arkansas.

For complete statistics state by state, click here.

OUR GOOD DAY HOT TOPIC QUESTION: How close to the edge are you? Post your comments on our FOX 5 Atlanta Facebook page, or tweet us @GoodDayAtlanta.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Man bikes 900 miles to help Georgia girl

    Man bikes 900 miles to help Georgia girl

    Wednesday, July 23 2014 11:05 AM EDT2014-07-23 15:05:59 GMT
    Ten time Ironman, Dave Nazaroff recently rode 900 miles on his bicycle...from Nyack, New York...to Georgia. He didn't do it to get in shape, or to win a competition; he did it to raise money for a 11 year old Callie Truelove in Gainesville, Georgia.
    Ten time Ironman, Dave Nazaroff recently rode 900 miles on his bicycle...from Nyack, New York...to Georgia. He didn't do it to get in shape, or to win a competition; he did it to raise money for a 11 year old Callie Truelove in Gainesville, Georgia.
  • 2014 Southern Living inspired home open for tours

    2014 Southern Living inspired home open for tours

    Wednesday, July 23 2014 9:37 AM EDT2014-07-23 13:37:06 GMT
    It's the first of its kind -- and if you're goal is to live a "perfectly Southern" lifestyle, it might be the home for you. The 2014 Southern Living Inspired Home is now open in Toccoa,
    It's the first of its kind -- and if you're goal is to live a "perfectly Southern" lifestyle, it might be the home for you. The 2014 Southern Living Inspired Home is now open in Toccoa, GA at Currahee Club.
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices