Despite lower unemployment and poverty rates nationally, millions of Americans are unable to save for a more financially secure future and remain stuck in economic limbo, according to a new report from Prosperity Now (formally CFED).
The 2017 Prosperity Now Scorecard found that 44 percent of households did not set aside any savings for emergencies in the past year. Racial disparities were particularly stark. A startling 60.7 percent of Latino households and 56.7 percent of Black households have virtually no savings, compared to 28.2 percent of White households.
The annual Scorecard examines the financial health of Americans and offers policy recommendations on how to expand opportunities for low-income families. It also includes rankings for each state and the District of Columbia based on the financial wellbeing of residents.
Prosperity Now has partnered with The Hatcher Group for several years to develop a messaging and media outreach strategy for the Scorecard, including targeted pitching to reporters nationwide. This year, David Brancaccio of Marketplace interviewed Andrea Levere, president of Prosperity Now, about the report findings. Our efforts also resulted in stories in Forbes, MarketWatch, the PBS NewsHour website and dozens of state and local media outlets across the country.