Around 30% of households, or 65 million adults, have absolutely zero savings to their name. That means they are literally one paycheck away from not being able to pay their bills, buy food, pay for a car repair, or cover their medical needs. This lack of savings is truly a crisis that our nation just can’t ever seem to overcome.
Why do the poor gamble much more than others? Multiple studies show, including from Florida Family Policy Council as well as University at Buffalo Research Institute on Addictions (RIA), that very low income households have an almost 100% higher rate of gambling than the general population. They tend to use the lotto much more, go to casinos a little more frequently, and wager money in other ways. The rate of addiction to gambling is also much higher.
As of the middle of 2016, there are about 14.1 million Americans on some form of disability. While this total includes people of all ages (such as children) a disabled worker is, on average, receiving $1,166 per month. These stats are per the Social Security Administration. Find some examples of what we hear from people on how they live on such a small dollar amount and the challenges they are faced with.
We have some tips on what type of insurance to buy and how to go about it. After extensive research, we have complied this list of certain coverages to be aware of, myths to the process, and steps shoppers should be taken.
Depending on the survey used, parents should plan on spending anywhere from $600 to $1,000 during 2016 on school supplies. This is a huge expense, and the earlier that families start to plan on this (and budget for it), the better. Even after they do that, many households will still not be able to take on that extra expense.