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MEASURING ECONOMIC SECURITY IN CONNECTICUT Matt Unrath National Program Director Wider Opportunities for Women.

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Presentation on theme: "MEASURING ECONOMIC SECURITY IN CONNECTICUT Matt Unrath National Program Director Wider Opportunities for Women."— Presentation transcript:

1 MEASURING ECONOMIC SECURITY IN CONNECTICUT Matt Unrath National Program Director Wider Opportunities for Women

2  WOW’s Measures  Economic Security Database  Concept of Economic Security  Application to Financial Education 1

3  Self Sufficiency Standard  Family Economic Self Sufficiency Project  Elder Economic Security Standard™ Index  Elder Economic Security Initiative

4 The Elder Economic Security Standard Index for the United States, 2011 Expenses for Selected Household Types Elder Person (age 65+) Elder Couple (both age 65+) Expenses/Monthly and Yearly Totals Owner w/o Mortgage Renter, One Bedroom Owner w/ Mortgage Owner w/o Mortgage Renter, One Bedroom Owner w/ Mortgage Housing (inc. utilities, taxes & insurance) $457$769$1,270$457$769$1,270 Food$243 $446 Transportation$246 $380 Health Care (Good Health)$381 $762 Miscellaneous$265 $409 Elder Index Per Month$1,592$1,904$2,405$2,454$2,766$3,267 Elder Index Per Year$19,104$22,848$28,860$29,448$33,192$39,204 3

5  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 5  Budget standard (expenses + savings = income)  Not a middle class budget

7 6  Budget standard (expenses + savings = income)  Not a middle class budget  Calculated at city, county, statewide and national level

8 7  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 8  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 9  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

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13 12 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%

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15 14 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 15 A LL J OBS  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. D ON ’ T R EQUIRE F OUR -Y EAR D EGREE  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

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19 18  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

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22  Policy Advocacy  Media and Communications  Demonstrating Need  Accurate Data  Economic Development  Benchmarking  Program Successes and Progress  Career Planning  Program Eligibility 21  Financial Education  Budgeting  Asset Building  Debt  Goal of Economic Security  Case Management  Career Planning  Tracking Client Progress  Connection to Benefits

23 Economic Security Database WOW Website for more information and state and national reports Matt Unrath National Program Director (202)


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