The Corporation for Enterprise Development (CFED) released yesterday their annual Assets & Opportunity Scorecard. Every year, the Scorecard details how financially secure American families are, and what policies are effective in improving that situation. This year, they find that the current economic situation offers little chance for families to improve their financial stability. For example, one finding from the Scorecard is that nationally, almost half the American population are “liquid asset poor,” meaning that they are stretched thin enough financially that they have less than three months of savings built up to rely on if they lose a source of income.
Another key Scorecard finding was that in this economy, it is especially difficult for people of color to build financial security. The study found that families of color are 2.1 times more likely to live under the poverty line and 1.7 times more likely to lack liquid savings. The disparity in financial well-being extends to physical well-being: nationally, 14.3% of people skipped going to the doctor because of not being able to afford it, however, one in four Latino adults and one in five African American adults did the same. Until our country works to address some of these disparities, our economic recovery will not be complete.
Some Nebraska takeaways:
- One in four Nebraska households live in in liquid asset poverty.
- 9% of renters in the state are cost-burdened, meaning they pay more than one-third of their income on rent.
- 7% of low-income Nebraska children are uninsured.
To learn more about the Scorecard and how financially secure families across the nation and in Nebraska are, check out its website. This site is informative and user-friendly, and contains links to the 2016 Scorecard report, customizable state data reports, downloadable data infographics, and suggestions for policy solutions.
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