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Measuring Economic Security in Connecticut

Measuring Economic Security in Connecticut. Matt Unrath National Program Director Wider Opportunities for Women. Agenda. WOW’s Measures Economic Security Database Concept of Economic Security Application to Financial Education. WOW’s Measures. Self Sufficiency Standard

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Measuring Economic Security in Connecticut

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  1. Measuring Economic Security in Connecticut Matt Unrath National Program Director Wider Opportunities for Women

  2. Agenda • WOW’s Measures • Economic Security Database • Concept of Economic Security • Application to Financial Education

  3. WOW’s Measures • Self Sufficiency Standard • Family Economic Self Sufficiency Project • Elder Economic Security Standard™ Index • Elder Economic Security Initiative

  4. Components of the Elder Index

  5. WOW’s Measures • Self Sufficiency Standard • Family Economic Self Sufficiency Project • Elder Economic Security Standard™ Index • Elder Economic Security Initiative • Basic Economic Security Tables™ Index • BEST Initiative

  6. BEST Features • Budget standard (expenses + savings = income) • Not a middle class budget

  7. BEST Features • Budget standard (expenses + savings = income) • Not a middle class budget • Calculated at city, county, statewide and national level

  8. BEST Features • Budget standard (expenses + savings = income) • Not a middle class budget • Calculated at city, county, statewide and national level • Addresses large variety of family types • 420 family types • One- and two-worker households, with children of different ages (infant, preschooler, schoolchild, teenager)

  9. BEST Features • Budget standard (expenses + savings = income) • Not a middle class budget • Calculated at city, county, statewide and national level • Addresses large variety of family types • 420 family types • One- and two-worker households, with children of different ages (infant, preschooler, schoolchild, teenager) • Cost of expenses with and without employment-based benefits • Health care • Retirement • Emergency savings

  10. BEST Features • Budget standard (expenses + savings = income) • Not a middle class budget • Calculated at city, county, statewide and national level • Addresses large variety of family types • 420 family types • One- and two-worker households, with children of different ages (infant, preschooler, schoolchild, teenager) • Cost of expenses with and without employment-based benefits • Health care • Retirement • Emergency savings • Measure of LIFELONG economic security

  11. BEST Table, 1 or 2 Workers

  12. BEST Index, by Family Type

  13. Components of the BEST Index • Single Worker • Housing and Utilities – 33% • Transportation – 17% • Savings – 7% • One Parent w/ Two Children • Child Care – 22% • Housing and Utilities - 21% • Transportation – 10% • Savings – 5%

  14. Employment Based Benefits

  15. VS. Federal Poverty Line, Minimum Wage, and Median Income • BEST wages are: • 3x higher than the FPL • 2x higher the minimum wage • Significantly higher than the median income for single parents • Close to the national median income for 2 worker households

  16. Benchmarking Wages All Jobs • Only 31% of jobs expected to be created by 2018 will provide economic security to a single parent raising two children • Only 60% of all jobs expected to be created by 2018 will provide economic security to a family of four with two workers. Don’t Require Four -Year Degree • Just 13% of jobs that do not require a 4 year degree projected to be created by 2018 will provide economic security to a single parent raising two children. • Just over half of these jobs will provide economic security to single worker

  17. the ECONOMIC SECURITY Database

  18. the ECONOMIC SECURITY Database

  19. Who lacks economic security? • 45% of all Americans • 43% of all households • 62% of all black households • 66% of all Hispanic households • 55% of all children • 77% of African American and Hispanic children • 82% of households headed by single mothers • 88% of households headed by single black mothers • 91% of households headed by single Hispanic mothers

  20. Who lacks economic security?

  21. Who lacks economic security?

  22. How to Use the BEST? • Financial Education • Budgeting • Asset Building • Debt • Goal of Economic Security • Case Management • Career Planning • Tracking Client Progress • Connection to Benefits • Policy Advocacy • Media and Communications • Demonstrating Need • Accurate Data • Economic Development • Benchmarking • Program Successes and Progress • Career Planning • Program Eligibility

  23. Questions, COMMENTS, REQUESTS Economic Security Database www.basiceconomicsecurity.org WOW Website for more information and state and national reports http://www.wowonline.org/usbest MattUnrath National Program Director munrath@wowonline.org (202) 464-1596

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