WASHINGTON (11/6/15)--Any credit union wavering from its mission to encourage positive savings habits in its members only need to look as far as a recent report from Pew Charitable Trusts, which found that the majority of Americans are ill-prepared for unexpected financial shocks.
The report, part of a three-part series called “The Role of Emergency Savings in Family Financial Security,” found that more than half of American households struggled to make ends meet after their most expensive financial shocks.
In fact, nearly 50% hadn’t yet pulled themselves out of financial strife since a recent incident at the time of the survey. And for most people the financial crisis had occurred more than six months ago.
“Family financial security requires more than just having enough money to pay regular bills and build savings,” the report said. “It also entails being prepared for the unexpected.”
“The findings underscore the reality that, for many households, financial hardship is only one unexpected expense away,” the report said.