CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Massachusetts

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN MASSACHUSETTS

 

Lead State Organization

The Midas Collaborative

 

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WHAT MASSACHUSETTS CAN DO

There are many policies that Massachusetts could enact to improve its climate for asset building and preservation:

Encourage Savings and Asset Building: To help residents save and invest in productive assets, Massachusetts should remove the disincentive to save for families by lifting the $2,500 asset limit in the Temporary Assistance for Needy Families program and increase incentives for savings through a matched savings program, particularly one for high school students to make higher education more affordable.

Expand Financial Education: To improve credit scores, decrease bankruptcy rates and reduce high average credit card debt, Massachusetts should prepare people to navigate the financial marketplace by supporting financial education for adults and supporting the expansion of financial literacy in the K-12 school system.

Invest in Entrepreneurs: To increase business ownership by race and gender, Massachusetts should provide state support for non-profit, community-based providers that foster and expand micro-enterprises and women and minority-owned small businesses.

Overall Rank: 8

Outcome Rankings

Issue Area Rank: 11 | Grade: B
Outcome Measure State Data US Data Rank
Income Poverty Rate 12.1% 14.6% 13
Asset Poverty Rate 27.1% 26.0% —
Asset Poverty by Race 2.1 x higher
for HHs
of color		 2.1 x higher
for HHs
of color		 —
Asset Poverty by Gender 1.3 x higher
for single women		 1.1 x higher
for single women		 —
Asset Poverty by Family Structure 3.6 x higher
for 1-parent HHs		 2.2 x higher
for 1-parent HHs		 —
Liquid Asset Poverty Rate 37.3% 43.9% 16
Liquid Asset Poverty by Race 1.5 x higher
for HHs
of color		 1.8 x higher
for HHs
of color		 —
Liquid Asset Poverty by Gender 1.04 x higher
for single women		 1.09 x higher
for single women		 —
Liquid Asset Poverty by Family Structure 2.9 x higher
for 1-parent HHs		 1.9 x higher
for 1-parent HHs		 —
Extreme Asset Poverty Rate 16.1% 17.5% —
Net Worth $143,620 $68,948 —
Net Worth by Race — 10.3 x higher
for white HHs		 —
Net Worth by Income — 68 x higher
for top 20%		 —
Net Worth by Gender — 1.18 x higher
for single men		 —
Net Worth by Family Structure — 22 x higher
for 2-parent HHs		 —
Unbanked Households 4.9% 8.2% 14
Underbanked Households 14.1% 20.1% 3
Households with Savings Accounts 79.0% 69.2% 8
Consumers with Subprime Credit 47.6% 56.4% 6
Borrowers 90+ Days Overdue 3.60% 4.33% 18
Average Credit Card Debt $12,563 $10,736 43
Bankruptcy Rate (per 1,000 people) 3.0 4.4 19
   

Policy Ratings
Policy Priorities
0.75 Tax Credits for Working Families
0 State IDA Program Support
0.75 Lifting Asset Limits in Public Benefit Programs
0.75 Protections from Predatory Short-Term Loans
Additional Policies
Income Tax Threshold — $26,300
Tax Burden by Income — The poorest 20% of families pay 2 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Prize-linked savings not allowed
Paperless Payday — Paperless payday permitted

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 14 | Grade: B
Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 15.9% 16.7% 27
Small Business Ownership Rate 1.45% 1.34% 20
Business Ownership by Race 1.5 x higher
for white workers		 1.5 x higher
for white workers		 16
Business Ownership by Gender 1.4 x higher
for men		 1.3 x higher
for men		 40
Business Value by Race 2.7 x higher
for white bus. owners		 2.6 x higher
for white bus. owners		 34
Business Value by Gender 3.2 x higher
for men		 2.6 x higher
for men		 45
Business Creation Rate (per 1,000 workers) 9.0 9.2 28
Private Loans to Small Business $1,014 $1,148 39
Unemployment Rate 7.3% 8.9% 14
Unemployment by Race 1.4 x higher
for people
of color		 1.7 x higher
for people
of color		 5
Underemployment Rate 14.3% 15.9% 22
Low-Wage Jobs 10.0% 21.5% 4
Average Annual Pay $55,560 $48,043 2
Retirement Plan Participation 45.5% 44.6% 34
Employers Offering Health Insurance 64.6% 51.0% 3
   

Policy Ratings
Policy Priorities
0.5 State Support for Microenterprise
0.25 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 33.8% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Some benefits for compelling family reasons; Part-time workers not covered
Incentives for Employee Ownership — WIA-funded feasibility studies; Direct state assistance
Loans for Beginning Farmers — No state policy

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 47 | Grade: F
Outcome Measure State Data US Data Rank
Homeownership Rate 62.1% 64.6% 44
Homeownership by Race 2.2 x higher
for white HHs		 1.6 x higher
for white HHs		 50
Homeownership by Income 2.9 x higher
for top 20%		 2.2 x higher
for top 20%		 48
Homeownership by Gender 1.03 x higher
for single men		 1.01 x higher
for single women		 —
Homeownership by Family Structure 2.3 x higher
for 2-parent HHs		 1.9 x higher
for 2-parent HHs		 49
Foreclosure Rate 2.95% 4.27% 24
Delinquent Mortgage Loans 3.51% 3.04% 41
High-Cost Mortgage Loans 0.49% 2.47% 1
Affordability of Homes (value/income) 5.2 x higher than median income 3.4 x higher than median income 48
Housing Cost Burden - Homeowners 38.7% 36.9% 38
Housing Cost Burden - Renters 51.7% 53.4% 26
   

Policy Ratings
Policy Priorities
0.25 Foreclosure Prevention and Protections
0.25 First-Time Homebuyer Assistance
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 23.1% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters who are elderly; Tax deferment
Resident Ownership of Manufactured Housing Communities — Strong protections for homeowners; 45 days closure notice and opportunity to purchase; No tax incentive

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 5 | Grade: A
Outcome Measure State Data US Data Rank
Uninsured Rate 4.9% 17.3% 1
Uninsured by Race 2.1 x higher
for people
of color		 2 x higher
for people
of color		 36
Uninsured by Income 3.4 x higher
for poorest 20%		 3.5 x higher
for poorest 20%		 25
Uninsured by Gender 1.5 x higher
for men		 1.2 x higher
for men		 50
Uninsured Low-Income Children 2.7% 10.7% 2
Uninsured Low-Income Parents 6.0% 34.5% 2
Employer-Provided Insurance Coverage 68.7% 57.4% 2
Employee Share of Premium 25.6% 26.4% 18
Out-of-Pocket Medical Expenses 14.1% 16.2% —
   

Policy Ratings
Policy Priorities
1 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 36 months
Healthcare Information Databases — Has database

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 3 | Grade: A
Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 21.0% 28.2% 30
Math Proficiency - 8th Grade 51.2% 34.7% 1
Reading Proficiency - 8th Grade 46.1% 33.5% 1
High School Degree 89.2% 85.9% 19
Two-Year College Degree 46.9% 36.3% 2
Four-Year College Degree 39.1% 28.5% 2
Four-Year Degree by Race 1.6 x higher
for white adults		 1.6 x higher
for white adults		 23
Four-Year Degree by Income 3.8 x higher
for top 20%		 4.6 x higher
for top 20%		 15
Four-Year Degree by Gender 1.03 x higher
for men		 1.01 x higher
for men		 —
Average College Graduate Debt $27,181 $26,600 35
College Graduates with Debt 65% 66% 35
Student Loan Default Rate 7.3% 13.4% 4
   

Policy Ratings
Policy Priorities
0.75 Access to Quality K-12 Education
0.25 Financial Education in Schools
0 College Savings Incentives
Additional Policies
State-Funded Head Start — $7,500,000 in supplemental funds
Quality of State Pre-K Programs — Established state program; $3,691 per child enrolled; 6 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; separate standards; certificates or training required for teachers
State Financial Aid for Postsecondary Education — $269 per student; 94% need-based
TANF-Funded Workforce Training — 1.25% of funds spent on training
WIA-Funded Workforce Training — 77.9% of participants received training

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

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