Two-thirds of Americans say that a natural disaster would have a negative effect on their financial situation, yet 32% say that they have taken no proactive financial steps to prepare for the possibility.
The findings, drawn from a survey conducted by The Harris Poll on behalf of the American Institute of CPAs, show a broad sense of concern about potential disasters (and other emergencies). It’s true for workers, the survey shows, but business owners seem particularly worried.
According to the AICPA, some 64% of business owners surveyed said they were either very (31%) or somewhat (33%) concerned about the possibility of financial hardship for their business if it should experience a natural disaster. Their three biggest worries were about the potential loss of revenue due to closure, loss of customer contracts and damage to property, equipment or inventory.
“Many Americans don’t think about their finances when it comes to preparation for a natural disaster,” warned Eva Simpson, an AICPA vice president. “However, financial needs become front and center after the destruction has already taken place.”
Business owners, Simpson noted, have many ways to prepare for possible disruptions, whether due to natural disasters or other emergencies.
“Doing so can go a long way to mitigate the financial toll and help people and businesses recover,” she said.
See the accompanying slideshow for seven preparedness strategies.
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