Low-income Families Lack Financial Safety Nets
Posted on June 15, 2010, by United Way in Uncategorized
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 Americanhouseholds 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.Establishingthis three-month cushion is one of fourkey outcomes that SparkPoint strives to achievewith members, sinceit is agood indicator offinancial stability.
Learn more about SparkPoint here.
United Way Hosts First Ever Poverty-Fighting Mascot Dance-Off
The event kicked off the 29th Annual Koko Challenge.
Texas Instruments and United Way Bay Area Launch New SparkPoint Center
First SparkPoint Center to open in Santa Clara County.