A survey done by BankRate.com concluded that nearly three in ten Americans have no money saved for any sort of financial emergency.
Fitchburg, MA (PRWEB) August 07, 2012
The last six years have been filled with economic downfalls, rising unemployment rates and unstable housing prices after the devastating housing bubble burst. With many Americans losing their jobs, or being underpaid, it’s been hard to worry about the financial future when many are living paycheck to paycheck and praying that no unforeseen expenses arise.
Even after six years, a survey done by BankRate.com concluded that nearly three in ten Americans have no money saved for any sort of financial emergency. Also, it was found that twenty percent of the polled participants said the funds they do have saved for a financial emergency are less than three months of salary. This means that only approximately forty two percent of the American population is financially prepared for an emergency.
With hard economic times still being faced around the country, saving for the future has taken a back seat to paying the necessary bills of daily living. However, it is suggested to have at least three months of total living expenses saved for surprise financial emergencies or burdens, according to budgeting expert and CEO of Mvelopes, Steven Smith.
The average cost of over $1,500 to file for Chapter 7 Bankruptcy is too steep for some to afford. Researchers from Columbia University, the University of Chicago and Washington University in St. Louis estimate that 200,000 consumers will use their tax refunds to help them file for bankruptcy this year.
To help its members become more financially stable is a still shaky economic environment, the Worker’s Credit Union offers a number of competitive financial services. The Massachusetts Credit Union not only offers checking and savings accounts for individuals, but it also offer various home mortgage and refinancing options at competitive rates, even various business and lending services.
Worker’s Credit Union not only offers competitive financial services, it also tries to educate its members by partnering with the Balance financial fitness program that provides access to free financial counseling services. Some of Balance’s programs include money management counseling, debt management, and a credit report review. All of these programs help members become aware of their finances, debt, etc. to become more informed investors and individuals who know how to better spend, save and handle their income.
With free financial counseling and competitive financial services offered by Worker’s Credit Union, members of the MA credit union have become better able to save for any unforeseen financial crisis in hopes to not be included in the thirty percent of Americans who have no savings what so ever and also in hopes that they will not need to file for any form of bankruptcy.
To learn more about Worker’s Credit Union, visit WCU.com or call 1-800-221-4020.
About Worker’s Credit Union
Worker’s Credit Union is a Massachusetts credit union located in north central Massachusetts. Its focus is on “doing what’s right” for its members in all the financial stages of their lives. As a non-profit financial institution, it is able to offer higher interest rates on member savings accounts, competitive loan rates and low or no fees. Worker’s Credit Union currently has over 67,000 members and 14 convenient branch locations across north central Massachusetts. To learn more about Worker’s Credit Union, visit WCU.com or call 1-800-221-4020.