Florida - According to a new report from Prosperity Now, Florida ranks 42nd in the country in financial security.
Prosperity Now, formerly Corporation for Enterprise Development, finds in its 2017 Prosperity Now Scorecard that Florida families are struggling to save money. Although the economy is improving and the unemployment rate is low, Prosperity Now says that low wage, poor quality jobs are to blame.
Prosperity Now measures a state's Financial Assets & Income, Businesses & Jobs, Homeownership & Housing, Health Care and Education to analyze and report in the Scorecard. Prosperity Now is a company dedicated to helping people reach financial stability and prosperity.
The Scorecard says that almost a third of jobs in Florida (32.4%) have low wages and 18.89% of Floridians have jobs with irregular schedules which leads to an uncertain income. Prosperity Now believes that these jobs barely cover expenses, explaining why so few people are able to save.
“Beyond providing a cushion to get families through emergencies, increased savings and wealth allow families to invest in their futures and gain ground for future generations,” says Prosperity Now President, Andrea Levere. “It’s clear that far too many people are stuck in economic limbo. They may be getting by, but they aren’t getting ahead.”
According to the report, 45.7% of households in Florida are "liquid asset poor," meaning that if they were to only rely on savings, they would not be able to live at the poverty line for 3 months. Last year, 57.3% of Florida households did not save for emergencies, putting them above the national average of 43.7% and ranking them worst in the nation.
The most economically vulnerable people in the state are minority households. The report finds that these households are 2 times as likely to live below the poverty line. 72.5% of white households own homes where 48.1% of minority households own homes.
Overall, Florida dropped 2 places since last year where it ranked 40th in the nation. The State received an "F" in Health Care as 16.2% of Floridians are uninsured and 34.2% had to contribute to their families premiums. The Scorecard found that 17.1% of Floridians do not go to the doctor due to cost.
But, Prosperity Now says that Florida ranked 1st in the nation for its 22.6% microenterprise ownership rate. These firms have either no or 1 to 4 employees. The State was also ranked 3rd in the nation for the lack of disparity between the homeownership rate of the top and bottom income quintile with the top being 1.8% higher.
Florida is making strides to improve the economic prosperity of citizens in terms of policy. In the area of Homeownership & Housing, 67% of the policies recommended were put into place. In all other areas, Florida has adopted 25% of the recommended policies.
“While there are positive signs in our economy and in some of the data measured by the Scorecard, it’s clear we need to do much more. Good policy at the state and federal levels can have an enormous impact on the ability of families to achieve financial stability and long-term prosperity,” says Prosperity Now's Director of State and Local Policy, Solana Rice.
For more key information about the 2017 Prosperity Now Scorecard go here. To view the complete report, go here.
Copyright Southern Stone Communications 2017.
