Emergency savings nonexistent for many families

A recent report finds that many Americans lack a financial safety net that would protect them during an employment or medical emergency.

The study, completed by the Corporation for Enterprise Development, found that 43 percent of households have nearly no savings built up. In addition, 27 percent also lack other assets they could use to help pay for basic expenses if they couldn't work.

"Growing numbers of families have almost no savings" to tap during a crisis, said Andrea Levere, president of CFED. "Without savings, few will be able to build a more economically secure future, including buying a home, saving for their children’s college educations or building a retirement nest egg."

Those low savings levels may have contributed to other financial issues in some cases, as the group said that 56 percent of consumers had what it classified as subprime credit ratings.

Consumers may be able to improve their subprime credit scores by reviewing their credit reports. Discrepancies on them might be having a negative impact on the overall score.