Thu, 08 September 2022 | consumers
How well would you be equipped to handle the situation if a tragedy came overnight, such as a hurricane, another epidemic, or a worsening of the current economic crisis, for example? The National Financial Educators Council (NFEC) polled 1,201 people in the US to find out how much emergency cash they had saved up in case of local disasters.
According to the study findings, most Americans are woefully unprepared to deal with such a huge tragedy. In this survey, a substantial number (52.1%) of respondents indicated that they would only have enough cash on hand for one month's worth of emergency needs.
CEO of the NFEC Vince Shorb said, "The poor and middle class are suffering greatly as a result of years of failing economic policy due to high inflation, rising interest rates, and the early effects of the crisis. I'm concerned about what will happen to people who don't have emergency funds saved up. The world as we know it can alter overnight, as we have lately seen. The time to get ready is now because these catastrophes frequently occur without warning. We urge everyone to act proactively to safeguard themselves and their loved ones and be prepared to help their neighborhood when the next tragedy occurs."
The poll was carried out by the NFEC as part of its commemoration of National Preparedness Month, which is observed annually in September. The Federal Catastrophic Management Agency (FEMA) established National Preparedness Month in 2004 as part of its initiatives to remind individuals to take a proactive approach to becoming ready for emergency events in advance.
FEMA advises people to be at least mentally and physically prepared for a three-day evacuation and a two-week stay at home. The NFEC, on the other hand, advises being far better prepared, advising people to lay aside a year's worth of necessities and make sure they have adequate emergency savings to get through any unforeseen disasters.