In Miami, 27% of households live in poverty, but 67% are financially vulnerable. These “liquid asset poor” households do not have enough savings to live above the poverty level for just three months if they lose a job, face a medical crisis or suffer another income disruption. Communities of color fare even worse: 79% of African-American households and 74% of Hispanic households in Miami are liquid asset poor.
These households live in a state of persistent financial insecurity, one emergency away from falling into debt or even losing a home. Of households earning $50,000 to $75,000 annually, 55% are liquid asset poor.
The inability to bounce back from financial pitfalls not only hurts Miami families, it stifles the city’s long-term economic growth.
These findings are part of a new data analysis from Family Assets Count, a project of CFED (the Corporation for Enterprise Development) and the Assets & Opportunity Initiative, in partnership with Citi Community Development and Catalyst Miami. The analysis spotlights a range of challenges confronting Miami’s vulnerable families:
Policymakers, advocates, practitioners and philanthropists must rally together to develop programs, services and policies that strengthen family financial stability in the Miami region. Ensuring pathways to earning decent wages, saving for emergencies, investing for future goals and protecting assets is important for families and critical to sustainable economic growth.
Through cutting edge data, tools and resources Family Assets Count leverages the power of cities to improve financial stability for families and advances programs and policies that reduce barriers and encourage families to save and build assets. For more information and data visit FamilyAssetsCount.org
How to Find Hidden Savings (Miami Herald)
South Florida Rated Most Cash-Poor Metro in Nation (Sun Sentinel)
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