Survey shows Ohioans could not handle fiscal emergencies in their homes
A survey shows that 43 percent of Ohioans do not have enough money in their bank accounts to cover emergencies.
The study was done by The Corporation for Enterprise Development who's says it is not just low-income households, but also several households earning an annual income between $51,000 and $83,000.The average number of households in the U.S. lacking a basic savings account is 30%, but in Ohio the number is 32%. CFED President, Andrea Levere says a number of households can not even get by on the poverty level.
The CFED fears that prosperity in the future will not be possible for these families. They encourage savings accounts for numerous reasons. Andrea Levere discusses the importance of college and emergency savings.
The CFED has many steps to improve saving including: adopting a refundable state earned income tax credit, making dependent care credit refundable, and increasing fund free tax preparation for low and moderate-income households and seniors. Levere encourages Ohioans to improve their credit scores and work on creating a savings account.
