Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Texas, Iowa Surveys: Rainy Day Accounts Not Enough
DES MOINES, Iowa and FARMERS BRANCH, Texas (4/18/13)--Consumers in Iowa and Texas are setting aside some funds for a rainy day, but not enough to cover expenses over the long term, according to surveys recently conducted by leagues in both states.

Nearly 60% of Iowans surveyed by the Iowa Credit Union League said they have a savings account designated for emergencies. However, 28.9% indicated their savings will not cover one month of essential expenses.

About half of the survey respondents said they find it difficult to save for emergency purposes. Less than 48% of Iowans indicated they used their savings to purchase a non-emergency item within the past 12 months.

"Living paycheck to paycheck is not ideal, but it is a reality for many consumers," said Emily Caropreso, director of communications and marketing at the Iowa league.  "We need to better show how establishing a saving regimen, no matter how large or small, is an essential step in circumventing serious financial troubles."

In Texas, 79.8% of participants in a survey conducted by the Texas Credit Union League have a savings account designated for unexpected expenses. However, in the event of a job loss, the survey found only 10% could cover essential expenses for six to 12 months. Also, 36% indicated they could cover essential expenses for zero to three months.

About 57% of the Texas survey participants say have used their savings in the past 12 months to purchase non-emergency items.

A nationwide study of family finances by several government agencies indicated only 38% of adults have established an "emergency fund" to fall back on during tough times, the Iowa league said.
RSS print
News Now LiveWire
September is National Preparedness Month. Read how your CU can get ready in #NewsNow #NPM @AgilityRecovery @Readygov
8 29 ago
Bay Area #creditunions featured in @SFBusinessTimes article http://t.co/SE7W81Ulia
8 29 ago
#NewsNow: 8 CU advisory board, new senior leaders named at @CFPB. http://t.co/EPKgHEDRRN
8 29 ago
#NewsNow: @FTC warns of government impostor scams. http://t.co/MMWBOcrqwJ
8 29 ago
Registration open for @CUNAMutualGroup's Discovery Conference #NewNow http://t.co/CATF0j9ct1
8 29 ago