Nearly Half Of Americans Live One Financial Shock Away From Poverty

According to a report from the Corporation for Enterprise Development, a D.C. advocacy group, 43 percent of Americans would fall into poverty within three months if they were to experience a sudden financial shock, such as losing a job or facing a medical emergency. “Growing numbers of families have almost no savings or other assets to see them through if they lose their jobs or face a medical crisis,” said Andrea Levere, president of CFED. “Without savings, few will be able to build a more economically secure future, including buying a home, saving for their children’s college educations or building a retirement nest egg.” The tenuous financial position of so many households is due to a combination of “flat wages, the high cost of medical treatment and the nationwide drop in housing values leaving homeowners with less wealth.”