Some Minnesotans Lack Rainy-Day Savings
Nearly one out of every four Minnesota families could not survive for three months when faced with a sudden loss of income.
The report, from the non-profit Corporation for Enterprise Development shows 24 percent of Minnesota families don't have adequate savings to endure a major financial stress.Financial Advisor Nicole Middendorf from Prosperwell Financial says savings are critical to long-term security, "Three to six months of income is the goal. Six to twelve is ideal."
Middendorf says a lack of savings now is no reason to put-off a savings in the future, "The biggest thing the biggest mistake I see most people make is that they don't do something about it."