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CU System
GCUA poll on savings cited in Atlanta newspaper
ATLANTA (9/3/10)--The Atlanta-Journal Constitution Thursday published a story about savings, based on a poll conducted by the Georgia Credit Union Affiliates (GCUA) that indicated consumers are holding tightly to their wallets. The story featured Allen Nichols, a member of Georgia FCU, Duluth, whose income dropped by 50%. He turned to his retirement savings to pay the bills, sold his lake home, downsized to cars with more affordable payments, stopped eating out and knocked his credit card debt to $2,000 from $20,000. Roughly 53% of those GCUA surveyed were working to increase savings, the newspaper reported. About 50.3% predicted they could survive for three months or fewer if they lost their income, and 20% indicated they had enough savings to last more than one year. Twenty-six percent said they could not sustain through any loss of income. Also, the national savings rate has risen to 6%, the newspaper said. To read the article, use the link.
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