While Georgia's credit union members are working to build a buffer of savings by cutting back on expenses and delaying large purchases, they are still unprepared to deal with any further financial setbacks.

That analysis comes from the Georgia Credit Unions' "Paying Attention" report from the Georgia Credit Union Affiliates, which polled more than 4,000 members. Twelve percent said they believe the economy is improving compared to a year ago with 40% saying they think it's getting worse.

More than one-third of respondents said they had no reserve savings to cover essential expenses if they were to lose their job or other source of income. Nearly 19% said they had enough savings to cover more than one year without a source of income. Still, 65.6% said they have changed their personal savings habits over the past six months, including spending less or cutting expenses like eating out and taking trips.