Thursday, January 30, 2014

CFED Released an Assets & Opportunities Scorecard for Florida

Nearly Half of Florida Households 
Are One Crisis Away from Financial Devastation 

Our score is better but we are not in the clear. Our score moved from last year's 47 to 39, however for the indicators related to overall Health of Florida's residents we are a woeful 49!

"Despite an improving national economy, 48.7% of Florida households are in a 
persistent state of financial insecurity, according to a report released today by the Corporation for Enterprise Development (CFED). The report also found that state policies are doing little to improve the financial security of Floridians."

Key Findings:
  • The average college debt for students graduating increased 8% from $27,150 in 2011 to $29,400 in 2012. 
  • As student loan debt increased, so did the student loan default rate. Fifteen percent of borrowers in 2012 defaulted on their student loans within three years of starting repayment, up from 13% in 2011. 
  • The percent of employees participating in employer-provided retirement plans continued to decline from 47% in 2007 to 44% in 2012. 
  • Although the racial wealth gap narrowed slightly between 2010 and 2011, households of color still fall far behind white households. They have approximately one-tenth the median net worth of white households ($12,377 and $110,637, respectively) and are considerably less likely to own a home. 
  • The homeownership rate for households of color is 26 percentage points lower than the rate for white households (46% and 72%, respectively). 
  • Only eight states (Maryland, New York, Maine, New Jersey, Connecticut, Washington, Minnesota and Rhode Island) have adopted 50% or more of the 67 policies that can support family financial security. Meanwhile, seven states (Idaho, Missouri, South Dakota, Alabama, Alaska, Mississippi and Wyoming) have adopted fewer than one-quarter of the policies.

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