FARMERS BRANCH, Texas, April 17, 2013 (GLOBE NEWSWIRE) -- While it seems many Texans have learned the importance of having a rainy day savings account, a survey by the Texas Credit Union League (League) finds that few Texans could cover essential expenses over the long-term if they were to lose their income source.
According to the League, 79.8 percent of survey participants have a savings account designated for unexpected expenses. However, in the event of a job loss, the survey finds that only 10 percent could cover essential expenses for six to 12 months. Thirty-six percent indicated they could cover essential expenses for zero to three months.
Additionally, 57 percent of survey participants say they have used their savings in the last 12 months to purchase non-emergency items.
Consumers who do save varied categorically. When asked if they were disciplined or occasional savers, respondents said:
- Very disciplined [29 percent]
- Somewhat disciplined [43 percent]
- Occasionally save [24 percent]
- Never save [4 percent]
With April being National Financial Literacy Month, Texas Credit Union Foundation (Foundation) Executive Director Courtney Moran says it's the perfect opportunity for Texas families to adopt better savings habits.
"Financial stability is an essential ingredient to maintaining a strong, healthy family unit," says Moran. "By getting in the habit of saving a little money from each paycheck, Texans of all income brackets can be better prepared to deal with the unexpected, as well as plan for their short- and long-term goals."
Moran says the Foundation is collaborating with the Consumer Credit Counseling Services of Greater Dallas to offer 100 free financial education webinars in April. These webinars, Moran says, focus on a broad range of personal finance topics, from setting your financial goals to building wealth. Moran encourages Texas families to take advantage of these free webinars. A full schedule is available at http://www.tcuf.coop/live_webinars_2.html.
Media elements: Pie charts available online, at http://www.tcul.coop/consider_this.html.
About Texas Credit Union League
The Texas Credit Union League is the state trade association serving more than 500 credit unions in Texas. Organized in 1934, the Texas Credit Union League supports credit unions, not-for-profit, member-owned, volunteer-directed cooperatives, which in turn are owned by nearly eight million members. For more information, visit www.tcul.coop.