'Household CFOs' take charge

Thursday, December 13, 2012

Americans have found ways to take control of their household finances, even in tough economic times. Still, a recent survey of "Household CFOs"- individuals in charge of managing family finances - found that two out of three households in the U.S. do not have an emergency savings account. Analysts say that could put them at financial risk in the event of a crisis.

Additionally, nearly one in three households has not prepared a will, purchased insurance of any kind or made other preparations for a significant life-changing event. Yet, almost half of those surveyed have already experienced some sort of financial setback within their household in the past year. In response to survey findings and current economic conditions, a national financial awareness campaign, "Household CFO" has been launched. It is also enhancing its CredAbilityU online education program, which offers free interactive Webinars and financial management tools.

The organization provides confidential budget counseling, money management education, debt management programs, bankruptcy counseling and education, and comprehensive housing counseling to individuals nationwide.

In today's economy, many Household CFOs feel like they have too much on their plate or aren't equipped to make long-term financial plans. They often become overwhelmed with paying bills, managing accounts and overseeing spending. And now, the increased cost of groceries and gas has led many families to the verge of financial crisis. The following free resources are geared to help families take charge of their financial future: *Household CFO campaign site, www.HouseholdCFO.org *Consumer advocate Ilyce Glink's site, www.ThinkGlink.com *Credit score-reporting site, www.MyFico.com *Free credit report site, www.AnnualCreditReport.com. We say if any of these measures assist families in taking charge of their financial futures, have at them!