WTRF 7 News Sports Weather - Wheeling SteubenvilleW.Va. Residents Lack "Nest Eggs"

W.Va. Residents Lack "Nest Eggs"

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CHARLESTON, W.Va. (AP) -

Nearly one in five West Virginia residents have almost no savings or other assets to weather a financial crisis according to one nonprofit group.

The report was released last week by the Corporation for Enterprise Development. It ranks West Virginia 18th in the nation in households' financial security.

The report says while many residents have jobs, they lack adequate savings or other assets to cover expenses for three months if they lose steady income.

The group used 52 measures in five different areas: finances and income; businesses and jobs; housing and home ownership; health care, and education.

The report suggests West Virginia can improve its climate for asset building by investing in entrepreneurs, increasing regulations on mortgage lenders to protect homeowners, and implementing tax credits to maximize income for low-wage earners.

 

(Copyright 2012 by The Associated Press. All Rights Reserved.)