Suffolk County Business Accounting Experts Diapoules and Feinstein CPAs P.C. Respond to Article on Financial Safety in the U.S.

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An article published by National Public Radio states that nearly half of Americans do not have a financial safety net. Diapoules and Feinstein, Suffolk County business accounting experts, respond with their thoughts.

On February 11, 2013, accounting firm Diapoules and Feinstein CPAs P.C. responds to a recent article about the lack of a financial safety net for many Americans.

According to National Public Radio, about 44 percent of U.S. citizens do not have enough money saved to survive for more than three months before going into poverty if they were to lose their income. What’s even more shocking is the fact that nearly a third of Americans have no savings account at all. This is according to a report from the Corporation for Enterprise Development.

The article goes on to state that having a savings account is not solely important for preparing for a loss of income. Accidents and other unexpected expenses can be a huge financial burden on someone who doesn’t have money set aside in a savings account.

Of course, for many medium and low income families the primary financial concern is to provide their families with the essentials; food, housing, clothes, etc. But if they aren’t setting a little bit aside from time to time, they could be setting themselves up for an economic downfall.

Suffolk county business accounting expert Jim Diapoules responds to the article, stating that savings accounts are very important. Diapoules suggests setting a specific amount to add to your savings from each paycheck.

According to Diapoules, “This article illuminates a long time trend in the U.S., the decrease in our rate of personal savings. It is encouraging that this issue is being addressed. Savings is a habit and we need to get our habit back. Our savings habit has been broken by our change over from a producing to a consuming society. Easy credit and insistent marketing has eroded our collective desire to save and this lack of savings has had disastrous results. During the course of my professional career I seen the general rate of saving sharply decline, this combined with the demise of employer based pension plans have left a majority in our society ill prepared for just about any economic hiccup and not properly prepared for their retirement.”

Diapoules and Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.


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Jim Diapoules
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