BMO Harris Bank Study
Florida Parents Below National Average in Saving for Financial Emergency - Seite 2
Savings for Medical Costs Need Regular Check-Ups Too
The survey also examined the savings needed to cover medical costs. A majority (81 percent) of parents in Florida said the cost of healthcare is one of their financial concerns. Parents said they spend an average of $7,730 in medical expenses during their child's first year, with most covered by insurance. The average for out-of-pocket medical expenses for a child in their first year was $1,906, but nearly half (45 percent) said they don't know how much they spent.
The survey showed what aspects of healthcare parents and soon-to-be parents in Florida are most concerned about:
Healthcare Cost | Parents | Future Parents | ||
Medical Insurance | 65% | 68% | ||
Hospital Bills | 62% | 69% | ||
Prescription Drugs | 55% | 48% | ||
Regular doctor check-ups | 49% | 63% | ||
Vaccines/Inoculations | 42% | 55% | ||
At the national level the study revealed:
- American parents have an average of $9,737 saved for an emergency
- Future parents have an average of $5,523 set aside
- Average spend on medical costs is $9,676, with $1,297 of that being out-of-pocket
- The most common costs were the need to buy a car or upgrade to a larger vehicle (49 percent), increased utility/energy bills (46 percent) and taking time off work (43 percent).
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"As the economy continues to improve this year, particularly on the jobs front, it will help fuel personal income growth. This, along with a steady 4.5 percent savings rate, will result in rainy day savings building up more quickly, but this should not be a call to reduce the savings rate. It would be prudent to keep saving at the same pace, redirecting the flow to help finance future big-ticket outlays, paying down debt or saving for retirement," added Mr. Gregory.