Report: 37 Percent Of Mass. Households Have Little Or No Savings
BOSTON (CBS) – While a number of economic factors may appear to be improving, many Massachusetts residents are still struggling to get any kind of financial stability.
WBZ NewsRadio 1030′s Karen Twomey reports
A new report released by the Corporation for Enterprise Development says that 37 percent of Mass. residents have little or no savings to fall back on in case of a job loss, health crisis or other finance-related emergency.
Furthermore, the report also found continuing racial gaps, with nearly 63% of minority households dealing with little or no savings compared to 35% of white households.
The lack of savings isn’t limited to low-income households. About one out of every five household earning between $67,789 and $109,032 per year has little or no savings.
The report defines little or no savings as being unable to “cover basic expenses at the federal poverty level for just three months.”
That would be about $5,800 for a family of four.