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Report: A Third of Virginians Have Almost No Savings

January 30, 2013

One in three Virginians do not have savings to fall back on in the event of a job loss, health crisis or other income-depleting emergency.

A report released Wednesday by the Corporation for Enterprise Development (CFED) ranks Virginia at 17th in the country in the ability of residents to achieve financial security.

“In order to cope with the recession’s continued impact, these families have had to prioritize today’s expenses over tomorrow’s goals,” said Andrea Levere, president of CFED

Virginia ranks 8th in income poverty and 9th in underbanked households – those with a checking or savings account but continue to rely on alternative and often costly financial services.

The state ranks 12th in average annual pay, 3rd in workers participating in a retirement plan and 14th in employers offering health insurance.

Virginia is in the bottom 10 states on measures of business ownership, including microenterprise ownership (ranked 46th), small business ownership (ranked 45th) and private loans to small businesses (ranked 41st).

In Education, 42% of Virginia adults have at least a two-year degree and 35% have at least a four-year degree, ranking 9th and 8th, respectively.

However, consumers in the Commonwealth have an average of $11,946 in credit card debt, the 40th highest level in the country

To access the complete Scorecard, visit http://assetsandopportunity.org/scorecard.

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