Report: Nearly half of WV residents lack savings - WTRF 7 News Sports Weather - Wheeling Steubenville

Report: Nearly half of WV residents lack savings

Posted: Updated:
  • BusinessBusinessMore>>

  • Autism training to expand from Huntington to Athens, WV

    Autism training to expand from Huntington to Athens, WV

    Wednesday, November 16 2016 9:45 AM EST2016-11-16 14:45:47 GMT

    The West Virginia Autism Training Center is expanding its reach in the state. WV ATC, located at Marshall University in Huntington, has partnered with Concord University to develop on-campus support in Athens for students who are diagnosed with an autism spectrum disorder.

    The West Virginia Autism Training Center is expanding its reach in the state. WV ATC, located at Marshall University in Huntington, has partnered with Concord University to develop on-campus support in Athens for students who are diagnosed with an autism spectrum disorder.

  • AT&T offering computer science grants

    AT&T offering computer science grants

    Monday, November 14 2016 5:08 PM EST2016-11-14 22:08:54 GMT

    Executives with ATTInternetService are offering computer sciences grants to university professors and secondary school teachers to upgrade technology in their classrooms.

    Executives with ATTInternetService are offering computer sciences grants to university professors and secondary school teachers to upgrade technology in their classrooms.

  • WV child advocacy, domestic violence groups get help from Verizon

    WV child advocacy, domestic violence groups get help from Verizon

    Thursday, October 27 2016 5:01 PM EDT2016-10-27 21:01:17 GMT

    The West Virginia Child Advocacy Network and West Virginia Coalition Against Domestic Violence are getting help from Verizon's HopeLine program to help those affected by domestic violence and child abuse.

    The West Virginia Child Advocacy Network and West Virginia Coalition Against Domestic Violence are getting help from Verizon's HopeLine program to help those affected by domestic violence and child abuse.

CHARLESTON (AP) — Nearly half of West Virginians have almost no savings to carry them through crises such as the loss of a job or a serious health problem, the Corporation for Enterprise Development said in a new report.

Forty-seven percent of residents have no financial cushion, including a majority of residents who live below the federal poverty level of $23,050 for a family of four, the organization said in its 2013 Assets & Opportunity Scorecard, which was released Wednesday.

The report called people who cannot pay basic living expenses for just three months "liquid asset poor." A family of four needs more than $5,762 in savings to meet basic needs for three months.

"In order to cope with the recession's continued impact, these families have had to prioritize today's expenses over tomorrow's goals," Andrea Levere, the organization's president, said in a news release.

West Virginia was ranked 23rd among the states and the District of Columbia for residents' ability to become financially secure.

The report recommended several policy solutions, including increasing the state minimum wage and create a self-employment assistance program.

"The Assets for All Coalition is committed to working with the West Virginia Legislature to enact laws that would promote the financial security of low-wealth persons," said Michelle Foster of the West Virginia Assets for All Coalition. "We will particularly be focusing on legislation that would invest in entrepreneurship, increase incomes, connect residents to the financial mainstream, protect homeowners and build assets."

The report evaluated 53 measures, including home ownership, low-wage jobs and the rate of uninsured low-income children.

___

Online: http://cfed.org

 

Copyright 2013 The Associated Press.

Powered by Frankly