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Individuals without financial cushions become increasingly vulnerable to changes in their economic landscape. During economic downturns or job losses, those lacking savings face devastating consequences, such as homelessness or bankruptcy, which can lead to a reliance on government assistance. This precarious financial position further cements the cycle of insecurity and makes it arduous to plan for future opportunities.
Pathways Towards Financial Security
Addressing the systemic issue of inadequate savings requires collective action across various fronts: