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MEASURING ECONOMIC SECURITY

IN CONNECTICUT

Matt UnrathNational Program Director

Wider Opportunities for Women

WOW’s Measures

Economic Security Database

Concept of Economic Security

Application to Financial Education

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Self Sufficiency Standard Family Economic Self Sufficiency Project

Elder Economic Security Standard™ Index Elder Economic Security Initiative

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 

BedroomOwner w/ Mortgage

Owner     w/o 

Mortgage

Renter,     One 

BedroomOwner w/ Mortgage

Housing (inc. utilities, taxes & insurance)  $457  $769  $1,270  $457  $769  $1,270 

Food  $243  $243  $243  $446  $446  $446 Transportation  $246  $246  $246  $380  $380  $380 Health Care (Good Health) $381  $381  $381  $762  $762  $762 Miscellaneous  $265  $265  $265  $409  $409  $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

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Self Sufficiency Standard Family Economic Self Sufficiency Project

Elder Economic Security Standard™ Index Elder Economic Security Initiative

Basic Economic Security Tables™ Index BEST Initiative

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

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

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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)

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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

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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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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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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

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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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Policy Advocacy Media and Communications Demonstrating Need Accurate Data Economic Development

Benchmarking Program Successes and Progress Career Planning Program Eligibility

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Financial Education Budgeting Asset Building Debt Goal of Economic Security

Case Management Career Planning Tracking Client Progress Connection to Benefits

Economic Security Databasewww.basiceconomicsecurity.org

WOW Website for more information and state and national reportshttp://www.wowonline.org/usbest

Matt UnrathNational Program Directormunrath@wowonline.org(202) 464-1596

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