Savings Insecurity Is Growing: Share Your Stories

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

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I will admit that I'm one of those people with an "underfunded emergency savings cushion" and thank goodness that I haven't yet faced the kind of crisis that could drive me into financial ruin. I have several friends who have been out of work for over a year. That scares me because there's really no such thing as job security anymore.

I've been working on paying off debt. I'm almost at the end of that road, and have started my emergency fund, but it's got a long way to go. Three month's living expenses is nowhere near enough in today's economy. The new norm to strive for is 6-9 months.

February 22 2012 at 3:54 PM Report abuse rate up rate down Reply

I was born in 1933, so things were tough during my childhood and we learned to be thrifty and frugal. I learned at a young age, that a penny saved is a penny earned. We didn't have indoor plumbing.
I am thankful for those experiences that have been guideline for the rest of my life! Robbie

February 10 2012 at 1:11 PM Report abuse rate up rate down Reply

Most the comments on here have little to nothing to do with the subject. Go somewhere else if all you want to do is rant and rave. To the subject, everyone who is in a position of not having any type of emergency or contingency fund should start writing down every dollar they spend in a journal daily and review it constantly. You may find out that outgo for necessities is beyond incoming cash flow. Or you may find out that a lot of your money is going for wants vs needs and perhaps with some discipline, you could be building some reserves.

February 07 2012 at 12:50 PM Report abuse rate up rate down Reply
Morris Cantonitis

Sharing with the FBI - RAID Fidelity, Wells Fargo and E-Trade AT LEAST.

Change EVERYONE & EVERYTHING on the NYSE floor.

Here is this mornings story of trading through Fidelity Brokerage which is crooked.

We had a professional trade our account since we became suspicious.

This happened with TRON this morning Order B07NCLQP at Fidellity.

It's crooked between the Fidelity Brokers and NYSE MM's just like Wells Fargo and E-Trade and all the rest. They can MARK U and WILL sacrifice all the other traders too eliminate you so they do not have to cut you in on the pot.

THis is PIGG America

February 07 2012 at 10:14 AM Report abuse -1 rate up rate down Reply

~~~~~welcome to our club and enjoy yourself~~~~~you are not alone and find your soul


February 07 2012 at 4:07 AM Report abuse -2 rate up rate down Reply

You can't blame bush for this one ~ if you haven't saved anything and been relying on the gov't for soc sec, and other income streams, then it is YOUR own fault. My daddy told me back in 1960 to never trust in soc sec b/c even simple math showed him that it would not last long enough to support the next generation.

February 06 2012 at 7:04 PM Report abuse -1 rate up rate down Reply

When Mr. Obama ran for office he said its time for a change but he didn't say what kind of change. Yet the average
American ignorance voted for him. Now they are crying in there beer that is if they can afford a beer. when FDR came into office during the great depression he got this country back on its feet in less than 5 years. That's because he
didn't owe anything to the big money to get him there. He was nominated as a favorite son and never expected to
become President, Instead of bailing out failing big buisness he spent federal money to get people back to work such as building our national parks. It worked. Big mistake on Obama's part to bail out all these large Corps spending trillions because if they went under new ones would be sure to pop up. Let the big money save the big money . He should not be reelected and whoever takes his place should be mindful that the same will happen to them.

February 06 2012 at 4:09 PM Report abuse -3 rate up rate down Reply
2 replies to dav1934's comment

Loser, are you? Most of us who invested in the market at the beginning of 2009, when Obama took office, we doubled our investment. Not bad for 3 years.

February 06 2012 at 5:34 PM Report abuse +4 rate up rate down Reply

Several things:

February 07 2012 at 8:52 PM Report abuse rate up rate down Reply
1 reply to willowreed's comment

Several things: 1: the "average American ignorance" really doesn't make any sense. I think you might mean, the "average ignorant American." 2: Then you say "Now they are crying in there beer." Its "their" beer. I won't mention the huge run on sentence there near the end. Otherwise I agree with you.

February 07 2012 at 8:53 PM Report abuse rate up rate down


February 06 2012 at 1:11 PM Report abuse rate up rate down Reply

I have savings, or rather a small 401k that I get funds from when needed, but only allowed 2 withdrawals per year, so it doesnt always help when I need it, and I have no credit cards to fall back on, so I go without. Took me 2 months to figure out how to get tires for my car, now I have to wait for my tax refund (hopefully) to get my bathroom fixed. Creative financing is the way I work things out here.

February 06 2012 at 12:09 PM Report abuse +1 rate up rate down Reply
1 reply to jhrochesterny's comment

This is the "New Normal" + Hope & Change, President Obama Talked About!

February 06 2012 at 1:15 PM Report abuse +1 rate up rate down Reply

Take the big profits that businesses are hoarding and pay the workers a fairer wage, if you want to us save something.

February 06 2012 at 10:24 AM Report abuse +1 rate up rate down Reply
1 reply to Badsnake98's comment

The only way that will work is if taxes are reduced. Its about incentivizing business to hire more people. They aren't hoarding money. If they felt that the economy was going to be ok, and that they were not going to be taxed and regulated out of existence, they would hire. But this president makes it worse.

February 07 2012 at 8:58 PM Report abuse rate up rate down Reply