measuring economic security in connecticut matt unrath national program director wider opportunities...
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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 [email protected](202) 464-1596
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