Savings Insecurity Is Growing: Share Your Stories

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Broken savingsThe Los Angeles Times reports that more than three out of 10 Californians have too little in emergency savings, meaning they haven't set aside enough to get by for three months if they were to lose their jobs.

Exclude illiquid assets like houses, and that number -- 30.9% -- rises to an even more grim 43.1%, reports the nonprofit Corporation For Enterprise Development.

And California is hardly in the country's worst shape when it comes to economic cushions: The state ranks 39th out of 50 in financial security, according to a nationwide study by CFED.

"Growing numbers of Americans have almost no savings or other assets to fall back on if they lose their jobs or face a medical crisis," says Andrea Levere, president of CFED. "Without those savings, few will be able to invest in a more economically secure future, including buying a home, saving for their children's college educations or building a retirement nest egg."

What about you, readers? We at DailyFinance would like to hear how underfunded emergency savings cushions have affected you and your families. Email your stories of economic insecurity to eamon.murphy@teamaol.com.
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