As part of a new project at CAP, each month we will be featuring a guest blogger from across the agency. Amy Amatucci, Senior Fund Development Specialist, is our sixth blogger.
Last month the Corporation for Enterprise Development (CFED) and OK Policy co-released the 2012 Assets and Opportunity Scorecard, which shows that more than one in four Oklahoma households are “asset poor.” The report measures how residents in each of the 50 states and the District of Columbia rank in their ability to achieve financial security across 52 measures in five areas, including Financial Assets & Income, Businesses & Jobs, Housing & Homeownership, Health Care, and Education.
Asset poverty is an estimate of financial security that takes into account all of a family’s assets (e.g., house, car, checking and/or savings account) which would be used in the case of lost income. However, this is a conservative way to measure assets, since a home or car would be difficult to liquidate in an emergency. A more accurate measure of a family’s financial resources is “liquid asset poverty” which excludes those assets which are not easily converted into cash. So while 15.6% of Oklahoman residents are income poor, 27% are asset poor and, even more disturbing, 48% of Oklahomans are liquid asset poor.
As many families know, all it takes is one crisis, such as the loss of a job or a medical emergency, to deplete their savings. And many more families who struggle to meet their needs on a daily basis don’t have the resources to mitigate the damage caused by the loss of a job or other crisis. For these families, it can be nearly impossible to save for the future, leaving them even more vulnerable to falling economically behind.
Key highlights for Oklahoma from the Scorecard:
- 27% of Oklahoma households live in asset poverty
- 63% of Oklahoma consumers have subprime credit
- 32% of jobs in Oklahoma are low-wage jobs
- 29% of homeowners in Oklahoma are cost burdened
- 22% of people in Oklahoma are uninsured
- 23% of adults in Oklahoma have at least a 4-year college degree
To access the complete Scorecard visit http://scorecard.cfed.org.
To access the complete Scorecard for Oklahoma, click here
This post was written by Amy Amatucci, Senior Fund Development Specialist.