An alarming number of Hoosiers do not have money saved up for emergencies, like job loss or a health crisis.
A new report from the Corporation for Enterprise Development, or CFED, says 42% of Indiana residents are “living on the edge of a financial disaster”.
Residents they call “liquid asset poor” are those who do not have enough savings to cover basic expenses at the federal poverty level for three months.
“In order to cope with the recession’s continued impact, these families have had to prioritize today’s expenses over tomorrow’s goals,” said Andrea Levere, president of CFED.
According to the report, Indiana ranks 37th in the country overall in the ability of residents to achieve financial security. The state gets a “D” rating in education as only 23% of residents have at least a four-year degree.
To read more about this report, click on the Big Red Bar.