Exploring Basic Economic Security In Your County Online
October 19th, 2011
The previous post focused on the release of a new report – Basic Economic Security Tables for Mississippi– that measures how much Mississippi’s families need to cover basic expenses and save for long-term economic security. Across Mississippi, 1 worker needs $26,664 per year to reach this benchmark and a family with 2 workers, 1 preschooler and 1 schoolchild needs $55,586 per year for their basic needs and modest savings for retirement and emergencies.
WHAT ABOUT BASIC ECONOMIC SECURITY IN MY COUNTY?
Families experience different costs for basic needs and different savings targets depending on where they live in the state. To ensure residents, non-profits, schools, and public agencies have access to county-level information on the income families need for basic economic security, MEPC has printable fact sheets for each county.
To the right is an example of county-level basic economic security tables for Lauderdale County. In Lauderdale County, 1 worker needs $25,956 per year for basic economic security compared to the state average of $26,664. Each fact sheet shows basic expenses and savings for 6 different family types. County fact sheets are available for each of Mississippi’s 82 counties.
UPGRADES TO THE ONLINE CALCULATOR
The Basic Economic Security Tables build on MEPC’s use of the Self-Sufficiency Standard, and MEPC’s online calculator has been upgraded to include basic needs and savings amounts from the new report.
The new Basic Economic Security Calculator allows individuals to pick their monthly savings targets for emergencies, retirement, homeownership and children’s post-secondary education. The savings are then included in the family’s monthly budget. After an individual gets their basic economic security wage, they can proceed down the page to compare it with the wages different occupations pay in their community. Occupational wages have been updated to 2010 with the help of the Mississippi Department of Employment Security.
The online calculator has been a valuable resource for Mississippi’s high school students, teachers, guidance counselors and adults returning to training. MEPC is excited to launch this upgraded online resource and looks forward to working with individuals and groups across the state to expand awareness of what families need to reach true economic security and advance beyond living pay check to pay check.
To learn about ways to use both the county fact sheets and online calculator in your community and across the state, attend MEPC’s 2011 Annual Policy Conference on October 21, 2011.
Author: Sarah Welker, Policy AnalystShare this article.
