Report: Nearly half of WV residents lack savings - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Report: Nearly half of WV residents lack savings

Posted: Updated:
  • BusinessBusinessMore>>

  • WV workforce lacks oil and gas expertise — for now

    WV workforce lacks oil and gas expertise — for now

    Sunday, August 31 2014 5:00 PM EDT2014-08-31 21:00:19 GMT
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
    Despite the relatively high amount of natural gas production in West Virginia, less than 3 percent of employees in some of the major occupations that make up the sector's workforce live in the Mountain State.
  • Highmark Foundation gives $74K

    Highmark Foundation gives $74K

    Sunday, August 31 2014 3:00 PM EDT2014-08-31 19:00:17 GMT
    The Highmark Foundation recently awarded $74,000 in the form of 16 grants to schools in West Virginia through its “Creating a Healthy School Environment” program that aim at helping schools create innovative, healthy programs during the academic year.
    The Highmark Foundation recently awarded $74,000 in the form of 16 grants to schools in West Virginia through its “Creating a Healthy School Environment” program that aim at helping schools create innovative, healthy programs during the academic year.
  • Energy expert has more than 30 years in the business

    Energy expert has more than 30 years in the business

    Sunday, August 31 2014 1:00 PM EDT2014-08-31 17:00:13 GMT
    Energy Corporation of America, or ECA, Senior Vice President and General Counsel Don Supcoe started working for the company in 1981. ECA was founded in 1963 in Glenville, where it has since grown into a company that stretches throughout the country. 
    Energy Corporation of America, or ECA, Senior Vice President and General Counsel Don Supcoe started working for the company in 1981. ECA was founded in 1963 in Glenville, where it has since grown into a company that stretches throughout the country. 

CHARLESTON (AP) — Nearly half of West Virginians have almost no savings to carry them through crises such as the loss of a job or a serious health problem, the Corporation for Enterprise Development said in a new report.

Forty-seven percent of residents have no financial cushion, including a majority of residents who live below the federal poverty level of $23,050 for a family of four, the organization said in its 2013 Assets & Opportunity Scorecard, which was released Wednesday.

The report called people who cannot pay basic living expenses for just three months "liquid asset poor." A family of four needs more than $5,762 in savings to meet basic needs for three months.

"In order to cope with the recession's continued impact, these families have had to prioritize today's expenses over tomorrow's goals," Andrea Levere, the organization's president, said in a news release.

West Virginia was ranked 23rd among the states and the District of Columbia for residents' ability to become financially secure.

The report recommended several policy solutions, including increasing the state minimum wage and create a self-employment assistance program.

"The Assets for All Coalition is committed to working with the West Virginia Legislature to enact laws that would promote the financial security of low-wealth persons," said Michelle Foster of the West Virginia Assets for All Coalition. "We will particularly be focusing on legislation that would invest in entrepreneurship, increase incomes, connect residents to the financial mainstream, protect homeowners and build assets."

The report evaluated 53 measures, including home ownership, low-wage jobs and the rate of uninsured low-income children.

___

Online: http://cfed.org

 

Copyright 2013 The Associated Press.