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

Are you prepared for a financial emergency?

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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.

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