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State Gets Bad Financial Grade from Watchdog Group

Californians get a bad score when it comes to saving money. A new report by the non-profit ‘Corporation For Enterprise Development’ shows nearly half of California residents are living on the edge of financial disaster with almost no savings to fall back on, in the event of a job loss or other financial crisis. C-FED Chief Program Officer Ida Rademacher says you should have at least three months of income saved up for such emergencies…

Listen to Ida Rademacher 1

The study shows 27 percent of state households are at the liquid asset poverty level, but Rademacher says the problem becomes even worse when there is a financial emergency. Many people take out high-interest loans…

Listen to Ida Rademacher 2

57 percent have what they call sub-prime credit. According to the survey, California ranks 38th in the country overall in the ability of residents to achieve financial security, and 49th out of the 50 states on home ownership and the affordability of homes. Rademacher says the best way to save is to have some money taken directly out of your paycheck–either to a 401-k or a savings account, so that you never see it.

1 Comment

February 1, 2013

Elena Haskins

Aha. And if you don't get a paycheck that is large enough to put anything in savings--what then, Mr. Expert?

How about canceling all state taxes for five years so the beleaguered long time resident citizens can save some money instead of paying for everyone else from everywhere else around the world while competing with them for jobs and housing?

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