Wells Fargo: One-Fourth Of Homeowners Have No Savings

Posted by Orb Staff on May 19, 2009 No Comments
Categories : Residential Mortgage

-four percent of homeowners do not have savings to cover their living expenses should they lose their income, according to a quarterly survey from Wells Fargo & Co. At the same time, anxiety over job stability increased significantly (21% to 29%) since fourth-quarter 2008. Respondents also have a significantly higher desire to increase savings while reducing debt (60% versus 53%) and pay down debt faster (53% versus 46%) compared to the last survey. Less than a quarter of respondents – 23% – have increased their savings, but 37% say they have paid down debt, and 12% paid off debt completely in the past year. Many people are taking drastic actions to reduce expenses, the Wells Fargo survey finds. Since last year, about one-third of homeowners – 34% – say they have had family or friends move in with them, and 42% are spending less on their children. SOURCE: Wells Farg

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