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

  • Are you prepared for a financial emergency?

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Are you prepared for a financial emergency?

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(FOX NEWS) -

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 Minnesota, 43.8 percent of consumers have subprime credit -- second-best in the nation. The state also has relatively few households with debt overdue by 90 days and very few households without checking or savings accounts.

Overall, the scorecard ranks Minnesota the No. 9 most-prepared state. Here's how the state was scored:

Financial Assets & Income: A
Businesses & Jobs: C
Housing & Homeownership: B
Health Care: C
Education: B

However, the average Minnesotan finishes college with $29,793 in debt -- among the highest in the nation. But Minnesotans also tend to be more educated, with upper-tier rates of high school and college graduation.

You can read the full report at http://assetsandopportunity.org

The report shows that, nationwide, 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, got to http://assetsandopportunity.org/scorecard/

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