Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

TCUL Survey: Texans Saving for ‘Rainy Day’
Wednesday, April 17, 2013 6:55 AM

emergency_savings_chart_2.jpg

While it seems many Texans have learned the importance of having a rainy day savings account, a survey by the Texas Credit Union League (TCUL) finds that few Texans could cover essential expenses over the long-term if they were to lose their income source.

According to the League, 79.8 percent of survey participants have a savings account designated for unexpected expenses. However, in the event of a job loss, the survey finds that only 10 percent could cover essential expenses for six to 12 months. Thirty-six percent indicated they could cover essential expenses for zero

covering_expenses_if_loss_of_income_chart_2.jpg
to three months.

Additionally, 57 percent of survey participants say they have used their savings in the last 12 months to purchase non-emergency items. 

Consumers who do save varied categorically. When asked if they were disciplined or occasional savers, respondents said: 

  • Very disciplined [29 percent]
  • Somewhat disciplined [43 percent]
  • Occasionally save [24 percent]
  • Never save [4 percent]

With April being National Financial Literacy Month, Texas Credit Union Foundation (Foundation)

use_of_savings_for_non_emergency_chart_2.jpg
Executive Director Courtney Moran says it’s the perfect opportunity for Texas families to adopt better savings habits.

“Financial stability is an essential ingredient to maintaining a strong, healthy family unit,” says Moran. “By getting in the habit of saving a little money from each paycheck, Texans of all income brackets can be better prepared to deal with the unexpected, as well as plan for their short- and long-term goals.”  

Moran says the Foundation is collaborating with the Consumer Credit Counseling Services of Greater

disciplined_or_occassional_saver_2.jpg
Dallas to offer 100 free financial education webinars in April. These webinars, Moran says, focus on a broad range of personal finance topics, from setting your financial goals to building wealth. Moran encourages Texas families to take advantage of these free webinars. A full schedule is available at http://www.tcuf.coop/live_webinars_2.html.

To view findings of previous TCUL surveys, please visit https://www.tcul.coop/consider_this.html.