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2013 Assets and Opportunity Scorecard Released

Bangor, ME – Saving money sounds like a good idea but if you struggle to find any money to save you are not alone. Nearly half of Maine residents are living on the edge of financial disaster with almost no savings to fall back on in the event of a job loss, health crisis or other income-depleting emergency, according to a recent report released by the Corporation for Enterprise Development (CFED).

The 2013 Assets & Opportunity Scorecard defines these residents as “liquid asset poor,” which means they lack adequate savings to cover basic expenses at the federal poverty level for just three months if they suffer a loss of stable income.

Andrea Levere, president of the CFED, said it well in the initial release, “In order to cope with the recession’s continued impact, and these families have had to prioritize today’s expenses over tomorrow’s goals.” She called the findings “particularly disturbing given the ongoing budget talks in Congress that could result in further reductions in the social safety net and other programs that help low- and moderate-income people get on the their feet and start planning and saving for a better future.”

The Scorecard explores how well residents are faring in the 50 states and the District of Columbia and assesses policies that are helping residents build and protect assets across five issue areas: Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care and Education.

Maine ranks highly in measures of business ownership – 5th in microenterprise ownership, 9th in small business ownership and 7th in business creation – but the state performs poorly in measures of job quality. Maine has the 48th lowest average annual pay and the 43rd lowest rate of employers offering health insurance.

To address these challenges, the Scorecard includes a dozen policy solutions that can help Maine increase opportunity and promote financial well-being for all residents. 

To see the full 2013 Assets and Opportunities Score Card click here.

To see Maine’s Profile click the document below.

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