Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Texas, Iowa Surveys: Rainy Day Accounts Not Enough
DES MOINES, Iowa and FARMERS BRANCH, Texas (4/18/13)--Consumers in Iowa and Texas are setting aside some funds for a rainy day, but not enough to cover expenses over the long term, according to surveys recently conducted by leagues in both states.

Nearly 60% of Iowans surveyed by the Iowa Credit Union League said they have a savings account designated for emergencies. However, 28.9% indicated their savings will not cover one month of essential expenses.

About half of the survey respondents said they find it difficult to save for emergency purposes. Less than 48% of Iowans indicated they used their savings to purchase a non-emergency item within the past 12 months.

"Living paycheck to paycheck is not ideal, but it is a reality for many consumers," said Emily Caropreso, director of communications and marketing at the Iowa league.  "We need to better show how establishing a saving regimen, no matter how large or small, is an essential step in circumventing serious financial troubles."

In Texas, 79.8% of participants in a survey conducted by the Texas Credit Union League have a savings account designated for unexpected expenses. However, in the event of a job loss, the survey found only 10% could cover essential expenses for six to 12 months. Also, 36% indicated they could cover essential expenses for zero to three months.

About 57% of the Texas survey participants say have used their savings in the past 12 months to purchase non-emergency items.

A nationwide study of family finances by several government agencies indicated only 38% of adults have established an "emergency fund" to fall back on during tough times, the Iowa league said.
RSS print
News Now LiveWire
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
31 minutes ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
1 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
1 hours ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
20 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
21 hours ago