FRESNO, Calif. (KFSN) — A new study by cardrates.com encourages people to empower themselves financially.
The Financial Resilience Report, a first for the independent credit card review website, ranked 151 U.S. metros best positioned to overcome financial setbacks and those more prone to financial shocks.
“There’s no shame in it and no accolades,” says Consumer Finance Expert Erica Sandberg. “This is simply taking a look at different metro areas and analyzing who’s in the best position to deal with problems should they arise.”
Housing costs and lower incomes were the top reasons Fresno ranked last.
“The residents of Fresno may have to take extra steps to feel more capable of dealing with a setback,” Sandberg said.
The methodology factored in housing affordability, retirement income, job diversity, home value, unemployment and poverty rates.
The strongest metros for household financial resilience feature diversified job bases and lower housing costs.
“Low-cost housing where there are multiple job opportunities, income, diversity, there are all kinds of opportunities within that area,” Sandberg said.
Sandberg says this study is a reminder to be proactive when it comes to finances.
“Even the people living in the most financially resilient areas, that doesn’t mean they are immune to financial problems,” she said. “They certainly are.”
“Incomes haven’t been rising as fast as inflation,” says Samuel Molina The Academy of Financial Education CEO. “We’ve seen a lot of that across the country. We’ve also seen an influx of people moving from the Bay Area, Southern California to Fresno, so that drives up our costs as well.
Molina says you can protect your assets by putting your money to work.
“Using accounts like high-yield savings accounts, certificate of deposit accounts, money market accounts,” he said. “These aren’t investment accounts, but they do allow you to retain a bit more value than your regular checking or savings accounts.”
In addition to reducing expenses, build up your skills
“As AI takes over more lower-level jobs, you have to make sure you’re ahead of the curve,” Molina said.
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