By Shan Li
That means they don’t have enough savings to cover basic living expenses for three months if something unforeseen happens such as losing a job or falling sick, according to a recent study by the Corporation for Enterprise Development. Almost a third of Americans have no savings account at all.
“These families have had to prioritize today’s expenses over tomorrow’s goals,” says Andrea Levere, the group’s president.
Many people living precariously have jobs. About 75 percent are working full time, and more than 15 percent are earning middle-class incomes of more than $55,000 a year, according to the report.
But despite steady jobs, many of those surveyed are surviving paycheck to paycheck, trying to cope with the recession’s aftermath; one emergency could tip them over “the edge of financial disaster.”
Possible reasons for their lack of savings? Experts say many factors could be at play, including stagnating wages, rising prices and high credit card debt.
©2013 Los Angeles Times
Distributed by MCT Information Services
Copyright© 2015 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com