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One In Three Lack Savings

Jan 31, 2013 -- 10:56am

(Metro) A report released Wednesday by the Corporation for Enterprise Development reveal one in three Virginians does not have any savings to fall back on for emergencies. 

CFED President Andrea Levere says Virginians are having to prioritize today’s expenses over tomorrow’s goals. 

Virginiaranks 8th in income poverty and 9th in underbanked households – those with a checking or savings account but continue to rely on alternative and often costly financial services. 

Consumers in the Commonwealth also have an average of $11,946 in credit card debt, the 40th highest level in the country.

 

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