Signs of Economic Progress Don’t Account for Mississippi’s Financially Vulnerable

January 29th, 2015

Despite an improving national economy, far too many Mississippi residents are struggling to achieve financial security. A new report from the Corporation for Enterprise Development (CFED) reveals that most families are living on the brink of a financial disaster. In fact, 62% of Mississippi households lack the resources necessary to survive in the event that a job loss or medical emergency leaves them without their primary source of income, meaning they are “liquid asset poor.”

The new data underscore the vital need for policies that help hard working families meet their basic financial needs, pay off debt and have the opportunity to develop solid relationships with high-quality financial institutions. Most immediately, the state legislature should approve a refundable state Earned Income Tax Credit that would put money back in the pockets of people who go to work every day but don’t make enough money to cover all of their expenses.

Tomorrow we will be sharing more information about the 2015 Assets & Opportunity Scorecard and what the data mean for Mississippi families.

Source: Corporation for Enterprise Development. (2015). Assets and Opportunity Scorecard, 2015. Retrieved from http://assetsandopportunity.org/scorecard/