Study: Mass. residents not financially secure

Photo Courtesy: MGNonline
Photo Courtesy: MGNonline

New research is showing that a large number of people in Massachusetts are not financial secure. 22news has some shocking numbers that show the issue is not exclusive to lower income residents.

“It’s very difficult to make ends meet,” Jere Scannell, from Springfield, told 22News.

A new report by the Corporate for Enterprise Development says one-third of Massachusetts households are at risk for financial devastation for their lack of savings.

But analysts of the study say that Massachusetts ranked above average overall for the policies in place that give the people who live here the potential to be financially secure.

Matthew Anderson, from Springfield told 22News he sees how people are having a hard time getting ahead financially, especially if they’re struggling to find a job.

“You’re not thinking about putting it your savings account, you’re thinking about paying a bill that put off and you want to take care of something now, not try to save for later, because the issue is now,” Anderson said.

The study defined “financially insecure” as those who don’t have enough savings to survive 3 months without an income.  More than 15 percent of residents in that category make between 72 and 110 thousand dollars a year.

Scannell also told 22News, it’s not easy to save with the rising cost of living, but a little bit of savings is a good place to start..

“Make a commitment in small ways to put some money away for a month even if it’s only 2 dollars,” Scannell said.

Massachusetts also made “A” grades for its Health Care but got an “F” for its low rates of homeownership across the state.

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