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United Way of the Bay Area

Low-income Families Lack Financial Safety Nets

Posted on June 15, 2010, by United Way in Uncategorized

United Way partner EARN has released findings from a a new national poll,whichindicates 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 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.

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