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.
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Online: http://cfed.org
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