Emergencies would leave many families struggling even more

Jan. 30, 2014 @ 10:21 PM

RALEIGH — A nonprofit group says more than half of North Carolina households have little or no savings to cover emergencies or start building a better life.

The Washington, D.C.-based Corporation for Enterprise Development says the financial security of North Carolina residents ranks near the bottom in the country.

Most of those who live below the official income poverty line of $23,550 for a family of four are cash poor. The group says more than a third of the middle-income families earning up to $79,000 a year have less than three months of savings. The group which supports programs that get people out of poverty estimates the emergency funds needed by a family of four is about $5,900.