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See other Business/Finance ArticlesTitle: More than a third of California households have virtually no savings, are at risk of financial ruin, report says
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URL Source: http://www.pasadenastarnews.com/soc ... -of-financial-ruin-report-says
Published: Jul 26, 2017
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Post Date: 2017-07-26 07:25:41 by HAPPY2BME-4UM
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More than a third of California households have virtually no savings, are at risk of financial ruin, report says
By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/25/17
More than 37 percent of California households have so little cash saved that they couldn’t live at the poverty level for even three months if they lost a job or suffered another significant loss of income.
That’s the grim assessment of the 2017 Prosperity Now Scorecard. The report was compiled by Prosperity Now, a Washington, D.C.-based organization seeking to help people — particularly people of color and those with limited income — achieve financial security and prosperity.
HOUSEHOLDS OF COLOR
It gets worse for households of color. They are nearly twice as likely to live below the poverty line as white households — 18.2 percent compared to 9.7 percent — and they are much less likely to own a home or other assets that could help boost their long-term financial stability.
Less than half of California’s households of color (43.9 percent) own homes, compared to 62.5 percent of white, non-Hispanic households. Moreover, 60.7 percent of Latino households and 56.7 percent of black households have virtually no savings and are considered “liquid asset poor,” compared to 28.2 percent of white households fitting that category.
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