Georgia is last in annual study for people living paycheck to paycheck
February 5, 2013
Does this sound like you? Given the percentage, most of you reading this will say yes.
Georgia is dead last among the states in the overall financial security of its residents. And 56 percent of residents have almost no savings to cover emergencies or save for the future.
Nearly three in five Georgia residents are living on the edge of financial disaster with almost no savings to fall back on in the event of a job loss, health crisis or other income-depleting emergency, according to a report released Wednesday by the Corporation for Enterprise Development.
This is an annual report from this Washington, D.C.-based think tank that concentrates on household finances and tries to come up with solutions.
Georgia gets that bad rap because there are so many poor and middle class residents that would become instantly destitute with a job loss – because surviving the recession and recovery has sapped the savings account to nothing.