MADISON, Wis.--(BUSINESS WIRE)--As Americans struggle to keep up with rising expenses, such as rent, healthcare and monthly costs of living, putting money into a savings account often times falls to the wayside. That is especially true for the people of Wisconsin, according to a recent study by SafetyNet, an income insurance program that provides workers a lump-sum emergency fund after a layoff, injury or illness.
“Our survey points to a clear problem: there’s a significant gap in financial preparedness – particularly a lack of savings – among Wisconsin workers,” said Dan Murray, vice president of product development at SafetyNet. “When faced with a financial emergency, such as a layoff, illness, or injury, a large portion of the population in Wisconsin has no financial backstop to support themselves and their families until they’re back on their feet.”
SafetyNet’s online survey of 490 Wisconsin workers highlights significant gaps in savings and financial habits, and uncovers what actions individuals would take if they were to end up in an unexpected financial emergency.
The key findings of the survey include:
- 42% of respondents have just $1,000 or less in savings.
- One in four Wisconsin workers have experienced a loss of income over the last five years.
The top three sources people would go to if they lose their income,
1. Cutting their spending
2. Current savings
3. Loan from a family member/peer or their retirement accounts
The top three expenses people worry about covering each month, include:
1. Housing payments (rent, mortgage)
2. Health insurance
“Building a solid foundation of cash in savings isn’t easy. However, coming up with a plan, is.” said Murray. “SafetyNet’s mission is to improve the financial well being of hardworking Americans, and we do that by providing an instant source of cash for the unexpected emergency for those who are willing to plan ahead with products like our simple, affordable coverage.”
To learn more about the SafetyNet’s financial preparedness survey, visit the blog here.
For more information on SafetyNet, please visit www.safetynet.com.
SafetyNet is a consumer-friendly insurance program that provides money to workers who lose their income. On a mission to improve the financial well-being of millions of hardworking Americans, SafetyNet’s current offerings are low-premium plans that provide a lump sum payment to people who lose their jobs or cannot work due to illness or injury. SafetyNet is backed by the financial strength and insurance industry track record of 80-year old CUNA Mutual Group.