Connecticut doing worse on financial security

Despite an improving national and state economy, new data released today by the Corporation for Enterprise Development (CFED) show many Connecticut residents are still struggling to afford the state’s high cost of living. CFED’s 2015 Assets & Opportunity Scorecard ranked the state among the lowest across various measures of housing affordability, including homeownership by income (47th), housing cost burden for renters (44th), housing cost burden for homeowners (43rd) and overall affordability of homes (39th).

Additionally, the Scorecard found that limited savings and unstable employment make it 6793826885_d3b6befb99_z.jpg

harder for many Connecticut residents to keep up. It ranked Connecticut dead last (51st) among all states and the District of Columbia for average credit card debt and 36th for its high rate of underemployed residents, defined as part-time workers who want full-time jobs and discouraged workers who have stopped searching for employment. The report also found that 14.9% of jobs were in occupations with low wages.

These findings are included in the 2015 Asset and Opportunity Scorecard from CFED, part of a comprehensive nationwide analysis on American´s ability to save, build wealth, and become financially secure. Connecticut is ranked 27th in the nation, down from 25th last year.

All this is despite some very strong state policies on the areas covered by the report, many  of them very recent. The state was ranked in the top ten of all states in policies designed to promote Financial Assets & Income (3rd), Health Care (6th) and Education (5th). On the remaining two issue areas, Businesses & Jobs and Housing & Homeownership, Connecticut remained in the top half of states, ranking 17th and 13th, respectively.

The full scorecard for Connecticut is available here. You can also download the full press release from CFED here.

 

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