Report: A third of Virginians have no savings

Posted at 5:18 PM, Jan 31, 2013
and last updated 2013-01-31 17:18:51-05

Richmond, VA (WTVR) – 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 ranks Virginia at 17th in the country in the ability of residents to achieve financial security.

The report also Virginia ranked 8th in income poverty and 9th in underbanked households. Underbanked households are those people with a checking or savings account but continue to rely on alternative financial services and credit cards.

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

To read the report for yourself, click here.