Americans are infamous for their lack of savings. And a 2014 study finds that if disaster struck—say a spouse lost a job or a child got sick—almost half of American households (43.5 percent) would not have enough assets to liquefy into cash to survive. The following 10 states have the highest percentage of families that do not have enough liquid assets to survive three months at the poverty level.
A family of four that has less than $5,887 in liquid assets—those that can be converted into cash quickly—is considered poor. This is the threshold used to determine each state's rate.
The ranking is part of the Assets and Opportunity Scorecard by nonprofit Corporation for Enterprise Development, which works to improve poor families' financial security. The most current data is from the Census Bureau's 2011 national Survey of Income and Program Participation panel survey, with a sample of over 40,000 households. The poverty threshold is from the most recent 2013 data on poverty from Health and Human Services.
—By Hailey Lee
Posted 02 Oct. 2014