One in three U.S. workers wouldn't be able to keep up with their mortgage or rent payments past one month if they were to lose their jobs, according to a new report.
The report, issued by a consortium of financial planning groups, found that 31% of workers would be unable to maintain their payments beyond one month if they became unemployed, despite the fact that 72% of adults engage in activities related to financial planning at least once per month.
The survey indicates that among Americans who make $35,000 or less annually, almost 25% wouldn't be able to make any mortgage or rent payment at all if they lost their job.
The report, based on telephone surveys of 1,021 U.S. citizens 18 years or older, was issued the Certified Financial Planner Board of Standards, Financial Planning Association and Foundation for Financial Planning and The U.S. Conference of Mayors. It was conducted by KRC Research.
In conjunction with the release of the report, the consortium also announced the launch of its second annual "Financial Planning Days" (www.FinancialPlanningDays.org) in 31 cities across the nation on Saturdays throughout October.
The sessions will provide consumers with professional financial advice to traditionally underserved demographics where the need is greatest, according to the consortium.
During session, experts from the Financial Planning Association and qualified certified financial planner professionals will volunteer their time to offer free financial advice in one-on-one sessions and workshops.
Financial Planning Days sessions are planned in the following metro areas: Atlanta; Baltimore; Chicago; Columbus, Ohio; Denver; Elizabeth, N.J.; Eugene, Ore.; Green Bay, Wis.; Houston; Indianapolis; Irvine, Calif.; Las Vegas; Los Angeles; Louisville, Ky.; Mesa, Ariz.; Miami; Minneapolis; Newark, N.J.; Oakland, Calif.; Omaha, Neb.; Philadelphia; Portland, Ore.; Reno, Nev.; Sacramento, Calif.; San Antonio, Texas; San Diego; San Francisco; San Jose, Calif., Seattle; Virginia Beach, Va.; and Washington, D.C.