Are you prepared for a financial emergency? - FOX 35 News Orlando

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.

  • Good Day Atlanta

    Will they melt? Good Day tests Walmart ice cream sandwiches

    Will they melt? Good Day tests Walmart ice cream sandwiches

    Tuesday, July 29 2014 10:48 AM EDT2014-07-29 14:48:05 GMT
    A summertime treat makes headlines for its reported unusual longevity. A mom in Cincinnati, Ohio told WCPO-TV that she left her son's Walmart ice cream sandwich outside overnight- and it never fully melted!
    A summertime treat makes headlines for its reported unusual longevity. A mom in Cincinnati, Ohio told WCPO-TV that she left her son's Walmart ice cream sandwich outside overnight- and it never fully melted!
  • Citizens concerned over Fulton County road

    Citizens concerned over Fulton County road

    Tuesday, July 29 2014 10:44 AM EDT2014-07-29 14:44:05 GMT
    A local advocate group says their part of town has been neglected for years by the Georgia Department of Transportation. The group "Citizens for Better Roads in South Fulton County" says finally, improvements are coming to I-285 where they live.
    A local advocate group says their part of town has been neglected for years by the Georgia Department of Transportation. The group "Citizens for Better Roads in South Fulton County" says finally, improvements are coming to I-285 where they live.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

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