United Way partner EARN has released findings from a a new national poll,which indicates that low-income families have no financial safety net.
More than one third of low-income households said they were unprepared to meet their basic financial needs for more than a month if their income was disrupted. In addition, just 8% low-income participants are prepared to cover basic financial needs for three months. In contrast, 51% of all American households report having enough savings to cover basic expenses for at least three months.
United Way’s SparkPoint Centers help low-income families build savings equal to three months of their living expenses, so they can weather circumstances such as a job loss or catastrophic illness. Establishing this three-month cushion is one of four key outcomes that SparkPoint strives to achieve with members, since it is a good indicator of financial stability.
Learn more about SparkPoint here.
