Report: Nevadans Rank Last in Savings - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Report: Nevadans Rank Last in Savings

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Many people are out of work, which means they are out of money, making it nearly impossible to even think about a savings.

According to a new report from the Corporation for Enterprise Development, nearly two in three Nevadans are living on the edge of financial disaster with almost no savings to fall back on if they lose their job, have a health crisis or another emergency.

63 percent of Nevadans have almost no savings.

That places the Silver State absolutely dead last in the country, 51st when you include the District of Columbia, in the ability of residents to achieve financial security. Nevada was ranked 50th in the previous report. So it's worsened.

The 2013 Assets and Opportunity Scorecard defines these residents as "liquid asset poor," meaning they lack adequate savings to cover basic expenses at the federal poverty level for three months.

This group includes those living below the official income poverty line of about $23,000 for a family of four.

According to this report, a family of four would need more than $5,700 in savings to meet basic needs for three months. A growing number of middle class Nevada households fall well short of that amount.

I hit the street today to ask folks if they are able to put any money away.

"I have like, maybe, $15 in the bank, so it's really difficult right now," said Megan Dowd of Reno.

Orla Lucas lives in Reno as well. He said his savings is dwindling.

"I'm going through my savings. The savings I've had is being eaten up by my daily living expenses."

Jean Johnson of Reno said her heart goes out to those people who have been impacted by the economy.

"I feel really sad for people who are struggling. I'm somewhat fortunate that we're okay and we know we'll be okay, but there's a lot of people really suffering."

I also asked if folks if they are optimistic the economy will improve. Just about everybody said they believe we are in for long-term economic turmoil.

Written by Chris Ciarlo

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