Report: Nearly half of W.Va. lacks needed savings - WVVA TV Bluefield Beckley WV News, Weather and Sports

Report: Nearly half of W.Va. lacks needed savings

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CHARLESTON, W.Va. (AP) -- Nearly half of West Virginians have almost no savings to carry them through crises such as the loss of a job or a serious health problem.

That's the conclusion of a new report by the Corporation for Enterprise Development.

It says 47 percent of residents have no financial cushion, including a majority of residents who live below the federal poverty level of $23,050 for a family of four.

It calls people who can't pay basic living expenses for just three months "liquid asset poor."

The report says a family of four needs more than $5,762 in savings to meet basic needs for three months.

The Charleston Gazette says the report ranks West Virginia 23rd among the states and the District of Columbia for overall financial stability.

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