10 Worst States for Surviving a Financial Disaster
Nearly half of Texas households, 49.8 percent, lack a cash cushion that can keep them at the poverty level for three months in the event they lost their income, according to the Corporation for Enterprise Development, (CFED). Also, 12.8 percent are unbanked, meaning that they don't have either a checking or savings account. Another 27.2 percent are "underbanked," meaning that they may have a bank account but also use wallet-busting alternative banking methods like payday lenders. As a point of reference, 8.2 percent of households nationally are unbanked and 20.1 are underbanked.
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Laissez les bon temps rouler? About half of Louisiana households (49.9 percent) are ill prepared for a financial shock that could bring those good times to an end, according to CFED, while 11.5 percent are unbanked and 27.2 percent are underbanked.
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Half of Tennessee households are liquid asset poor, while 10.9 percent are unbanked and 18.1 percent are underbanked.
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A financial shock like the loss of a job or a medical emergency would leave 51.5 percent of North Carolina households without enough resources to cover basic expenses, according to the CFED Assets and Opportunity Scorecard. The report also says 9.3 percent of households in the state are unbanked, and 21.7 percent are underbanked.
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The CFED report says 51.9 percent of Arkansas households are liquid asset poor, while 12.3 percent are unbanked and 28.1 percent are underbanked.
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More than 52 percent of Kentucky households are liquid asset poor, while 9.9 percent of households in the Bluegrass State are unbanked and 21.5 percent are underbanked.
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If their luck takes a bad turn, 55.6 percent of Nevada households wouldn't have enough in liquid assets to cover their basic needs for three months. Also, 7.5 percent of households are unbanked and 31.2 percent are underbanked.
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Georgia ranks third lowest on the CFED list with 55.8 percent of households in the state meeting the criteri9a for "liquid asset poverty." The report also says that 11.5 percent of households in the state are unbanked and 26.8 percent are underbanked.
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Nearly 62 percent of Mississippi households don't have a enough in liquid assets to get through a financial crisis for three months, while 15.1 percent of its households are unbanked and 23.6 percent are underbanked.
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At 62.7 percent, Alabama has the highest percentage of households threatened by a financial shock. Further, 10.2 percent of its households are unbanked and 28.8 percent of its households are underbanked.
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