Texans rank 39th in personal financial security

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Associated Press

Posted on January 31, 2013 at 5:32 AM

Updated Thursday, Jan 31 at 5:32 AM

AUSTIN, Texas (AP) — The Corporation for Enterprise Development has found that more than half of Texans have no savings to fall back on in case of an emergency.

If these people were to lose their jobs or suffer a catastrophic illness or injury, they would have no way to support themselves. The non-profit group said Wednesday that about half of Texans live below the poverty level, earning roughly $23,000 a year for a family of four. But a third of middle class Texans also have no savings. The organization advocates for policies that help low- and middle-income people build up a personal safety net.

The annual report ranks Texans 39th in the nation in terms of financial security. About 13 percent of Texans do not have a bank account, the study found.

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