September 14, 2011
By Katie Bryan, America Saves Communications Manager
The U.S. Census Bureau announced yesterday that in 2010, median household income declined and the poverty rate increased.
Specifically, the poverty rate increased from 14.3 percent in 2009 to 15.1 percent in 2010. That means 49.9 million live in poverty in the United States. In addition, the Bureau found that real median household income declined 6.4%.
This means that budgets are getting tighter across the nation. These numbers exemplify the importance of having an emergency savings. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That’s because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges like repairing your car, paying for a visit to the doctor, or flying to visit a sick parent.
Are you financially prepared for a sudden emergency? Let us know on our Facebook page.