Finance
Report: 21 Percent of Va Residents Lack Nest Egg
Posted: 10:11 AM Feb 6, 2012
A nonprofit group says one in five Virginia residents have almost no savings or other assets to weather a financial crisis.
The report was released last week by the Corporation for Enterprise Development. It ranks Virginia 14th in the nation in households' financial security.
The report says that while many Virginians have jobs, they lack adequate savings or other assets to cover expenses for three months if they lose steady income.
The group used 52 measures in five different areas: finances and income; businesses and jobs; housing and home ownership; health care, and education.
The report suggests Virginia can improve its climate for asset building by increasing the high school graduation rate, establish a self-employment assistance program and expand health care coverage by increasing income eligibility thresholds.
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