Although you never know when disaster will strike, you should always be financially prepared to handle anything. Unfortunately, most Americans aren't. These 10 states have the most financially unstable residents.
Something bad will always happen even if you don’t know when. Unfortunately for most Americans, they won’t be financially equipped to deal with a crisis when it hits.
According to a number of surveys, Americans are pretty bad at being prepared. The summer 2012 Bankrate Financial Security Index revealed that 28% of Americans have no emergency funds to fall back on in case of a crisis.
Now a new survey from the Corporation of Enterprise Development has revealed that early half of American households wouldn’t last three months if faced with a crisis situation like unemployment, natural disasters or medical emergencies.
Business Insider compiled a list of the 10 states where Americans are the most financially unstable using data from the Corporation.
“Nearly half of adults are considered liquid asset poor, and about 40% have no savings account to rely on in times of need,” according to BI.
“Even educated adults carry quite a load of debt —– $19,950 for a four-year college degree –– while the average credit debt burden is $12,000 for all adults,” according to BI.
8. New Mexico
One-third of the jobs in New Mexico are considered “low-wage” and a whopping 24% of adults are either unemployed or underemployed.
The average salary is $46,000, and yet 40% of residents have no savings account. Instead, the average resident has $9,100 in credit debt.
6. North Carolina
“Nearly 19% are without insurance, including 10.4% of low-income children,” according to BI. “And given the fact that just 66% hold a savings account, chances are medical emergencies would be tough to cover for the average family.”
Luckily, residents of Arizona have a relatively low amount of credit card debt, but, still, more than half of the state is considered liquid asset poor.
One-third of residents don’t have a savings account and the average resident carries nearly $12,000 in credit card debt. However, it does have one of the best state tax climates.
Unemployment is high at 10.5% and take-home pay is low at an average of $39,300. This results in 58% of the state being considered liquid-asset poor.
While the average salary is a respectable $47,500, the combined credit card and student loan debt for Georgia residents tops $32,000.
It’s tough to live in Nevada right now. The state has one of the worst foreclosure rates and the average resident is carrying $10,670 in credit card debt. Plus, the state has an incredibly high 13.1% unemployment rate.
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10 States Where The Most People Live On The Edge Of Financial Ruin — Business Insider