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Nearly half of state residents lack necessary savings

Jan. 31, 2013 @ 08:11 AM

CHARLESTON, W.Va. - Nearly half of all state residents do not have enough savings to cover expenses for at least three months if they were to lose their jobs or suffer costly medical emergencies, according to a new report.

On Wednesday, the Corporation for Enterprise Development, a national nonprofit organization, released its 2013 Assets and Opportunity Scorecard, which found that 47 percent of West Virginian households are living in "liquid asset poverty."

That means they do not have enough savings to fall back on if they suffer a job loss or other catastrophic event and cannot work for at least three months.

The report said a family of four needs to have more than $5,762 in savings to get out of liquid asset poverty. That is just one measure of whether people make enough to meet basic needs.

About 15.5 percent of West Virginia households are asset poor, meaning their savings or the value of their durable assets are not enough to cover three months of expenses.

Home and car values are not included in the calculations.

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