A new study from Prosperity Now, an organization helping those with limited income become financially stable, reveals that more than 37% of California households have almost no savings.
They have so little that they couldn't even live at the poverty level for 3 months if they lost a job or suffered some other loss of income.
The report also shows that 46% of households haven't set aside any emergency savings in the last year, that's higher than the national rate of 43.7%.
Prosperity Now President Andrea Levere said:
“Beyond providing a cushion to get families through emergencies, increased savings and wealth allow families to invest in their futures and gain ground for future generations. It’s clear that far too many people are stuck in economic limbo.”
It's getting damn near impossible to live in this state unless you're a coastal elite. The legislature is killing the middle class by cramming tax after tax down its throat.
It's too much!