How many Americans are on the brink economically? Almost 44% of Americans will wind up in poverty if they lose their incomes because they don’t own enough assets or have savings that could be their safety net.
The nonprofit Corporation for Enterprise Development (CFED), which reported the figure, had more bad news: almost 33% of Americans don’t even have a savings account.
The worst figures came from Southern states. The area bounded by North Carolina to the north, Florida to the south, and Arkansas to the west was rated “liquid asset poor,” which was the bottom category.
CFED President Andrea Levere succinctly commented on exactly how difficult the situation was for these families: “It’s only when you have those basic needs satisfied that you then can think, ‘How do I make sure I have the best education for my children? How do I make sure I have the skills I need to be more competitive in the workplace?’”