New Report Shows Many Idahoans Don’t Have Adequate Savings

Two in five Idahoans who are “liquid asset poor” wouldn’t be able to pay their bills if they lost their job. The Idaho Statesman reports on a study out today that takes a closer look at Americans’ finances.

A report released today by the Corporation for Enterprise Development says 44 percent of Idahoans are on the cusp of financial ruin.

Idaho ranks 24th in the country for the financial stability of its residents, the report said. Last year, Idaho ranked 31st.

The roughly two out of five Idahoans who are “liquid asset poor” can’t cover basic costs of living for three months if they lose their income, the report said. This includes most Idahoans who are under the poverty line of $23,050 for a family of four. – Idaho Statesman

Fifteen percent of Idahoans live in poverty. Today’s report shows nearly 32 percent of Idahoans are in “asset poverty”.

A family of four needs about $5,800 in savings to last three months, but a growing number of Idaho households don’t have that much socked away, the report said.

“Although there are signs of improvement in Idaho’s economy, with unemployment edging downward in recent months, this year’s [report] paints a picture of a state — and a nation — that is struggling to achieve economic opportunity for all residents,” said Jennifer Brooks, director of state and local policy for Corporation for Enterprise Development. – Idaho Statesman

According to the report, the average net worth for an Idahoan is $59,618. The national average is $68,948. In addition, the report finds Idaho has “the second-lowest average annual pay in the U.S., and the third-lowest share of employers offering health insurance.”

Idaho’s bankruptcy rate is higher than the national average, with 4.6 Idahoans per 1,000 in bankruptcy. Nationally the rate is 4.4 per 1,000.

You can find the full report here.