Data Rewind: Household Financial Security in the Mid South
January 9th, 2017
Although some progress has been made to ensure economic security, a large number (43.5%) of American families remain on the edge of a financial disaster. This includes more than half (53.4%) of Mid South households, trapped in a state of long-term financial insecurity and unable to build the savings needed to last three months in the event of an emergency. The data underscores the importance of having savings and being better prepared to weather financial setbacks and save for future needs, such as a child’s college education or homeownership, as well as have long-term economic security.
Last year, the Hope Policy Institute took a deep look at what it meant to be underserved in high-poverty areas. Below are a few key highlights as we continue the effort to make households more financially resilient.
- Mississippi, Louisiana Least Banked States in the Nation
- Communities of Color Continue to Struggle the Most in the Mid South
- The State of Student Debt: Mid South Graduates Dedicate a Higher Percentage of Income to Student Debt
- Tax Reform has Real Impact on Working Families
Resources and Solutions
Below are some key data and policy resources instrumental to the creation and protection of household wealth in the nation and Mid South region alike.
- Assets and Opportunity Scorecard: assesses the 50 states and the District of Columbia on 130 outcome and policy measures grouped into five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.
- The Best Index: addresses several pieces of the larger basic economic security picture—basic needs, savings, and employment-based benefits.
- The State of Working Mississippi: examines current and historical data related to wages, labor force participation, job market, education, assets, and poverty.
- Consumer Financial Protection Bureau: helps empower consumers to take more control over their economic lives.