10:31 am June 20, 2011, by Henry Unger
Are you prepared for a financial emergency?
Even after the jolt of the Great Recession, a new study finds that most Americans are not, Associated Press reports.
A survey released Monday by financial data publisher Bankrate.com found that only 24 percent of consumers have the recommended cushion of at least six months’ expenses set aside, AP writes. The vast majority aren’t ready for contingencies; another 24 percent don’t have any emergency savings at all.
With 6.2 million people out of work for half a year or longer, the results underscore just how unprepared many are at a time when both job security and the economy pose concerns, AP writes.
How about you? Are you trying to build up a financial cushion? Or is it impossible given your situation?
If you are not building up your savings, are you at least paying down your debt?
- Henry Unger, The Biz Beat
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