ATLANTA - A new study is bad news for savers in Georgia. Fewer than 25% of those surveyed have at least $1000 in their savings account. Another 40% of respondents say have nothing saved for an emergency.
The survey from GoBankingRates.com points out that Georgia is fourth in the nation for persons with nothing saved in their emergency fund. They note that the median household income is below the national average at $49,342.
Over 7000 adults with savings accounts were questioned in the survey. In most states, 30% or more of savers had nothing in their account.
Many financial experts recommend having three to six months of expenses set aside for an emergency.