TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Nearly half of households teeter near financial ruin

By Shan Li
Friday, Feb. 1, 2013, 12:01 a.m.
 

Nearly 44 percent of American households are one emergency away from financial ruin.

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 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,” said 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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Hospitals, doctors in Pa. received $32M in 5 months from drug, medical device companies
  2. Google Pittsburgh instrumental in fight against hackers, co-directors say
  3. LNG exports get federal approval from Dominion’s Cove Point terminal
  4. Retirement planning is about more than just money
  5. EPA says greenhouse gas releases from wells, pipelines decline
  6. Trib 30 index of Pittsburgh-area stocks falls in September
  7. Education spending helps to widen wealth gap
  8. Western Pa. unemployment rate holds steady in August
  9. ‘Tug of war’ takes effect on stocks as market logs 3rd monthly drop for 2014
  10. Shareholders cheer eBay’s decision to spin off PayPal
  11. Allegheny Health Network expands women’s services in competition with UPMC
Subscribe today! Click here for our subscription offers.