Study: Nevada Residents Unprepared for Fiscal Emergencies - 8 News NOW

Nevada Residents Unprepared for Fiscal Emergencies

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LAS VEGAS - Nevada is the worst state in the country when it comes to people saving money. A new study finds Nevada residents lack enough savings to get them through unforeseen emergencies.

Nevada scored last in the study by the nonprofit Corporation for Enterprise Development. While that sounds bad, it does mean Nevada has room to grow.

Read the Study

The study ranked every state and Washington, D.C. on residents' ability to sustain a solid emergency fund. The study defined an emergency fund as being able to cover three months of expenses in case of a financial emergency that would cause a loss of income.

The Corporation for Enterprise Development recommends a family of four should have $5,700 in a savings account in case of emergencies. If you don't have that much money saved, there are steps you can take to improve your situation.

Financial advisors at Safe Money Advisors, Inc. recommend you pay yourself first before you start paying the bills.

"One of the best ways to do that for a liquid emergency reserve is to have a portion of your paycheck or your savings deducted electronically into an automatic savings account. This way, you'll probably never even miss that the money was gone," said Brad Zucker with Safe Money Advisors, Inc.

They also suggest establishing an emergency fund before you start saving for other items and/or situations. If you pull money from a retirement account too soon, you can get hit with fees.

This survey found other problems with our ability to be fiscally responsible. It states approximately two thirds of Nevada's population possess poor credit. Twenty five percent of Nevadans lack health insurance.

According to an unofficial poll on the 8 News NOW Facebook page, approximately two out of three people admitted they don't have enough savings to last them three months. That falls in line with the results of the survey.

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