Texans Lack Financial Safety Net
When compared to the rest of the country, Texas ranks 41st in financial security. Infographic courtesy of the Corporation for Enterprise DevelopmentMore than a quarter of Texas households have no financial safety net to help them in case of an emergency, according to a new study by the Corporation for Enterprise Development.
“Texans are really struggling,” said CFED Vice President Ida Rademacher.
“Most people already know the story about the income poverty rates in Texas being nearly 16 percent this past year,” she said. “But when we look at additional measures of poverty, one of the things the CFED has really focused on is this whole idea of asset poverty.”
Rademacher said many Texans don’t have enough assets or savings to get through an emergency. If you exclude homes and cars from the calculation, she said, half of Texans would have nothing to survive on if they suddenly lost their job. When compared to the rest of the country, Texas ranks 41st in financial security.
