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

South Carolina

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN SOUTH CAROLINA

 

Lead State Organization

South Carolina Association of Community Action Partnerships

 

Lead Local Organization

This state doesn’t have a Lead Local Organization.

 

Click here to learn how to join the Network.

 

What South Carolina Can Do

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

Strengthen K-12 Education: To increase math and reading proficiency and high school graduation rates, South Carolina should increase K-12 education funding in high-poverty school districts and implement a stronger system for teacher evaluation and retention.

Increase Incomes, Savings and Investment:  To reduce income poverty and increase net worth, South Carolina should adopt a state Earned Income Tax Credit; remove the disincentive to save for very-low-income families by lifting asset limits in its cash welfare and Medicaid programs; and fund a state Individual Development Account program to help families to purchase a home, business or college education. 

Protect Consumers in the Financial Marketplace: To protect unbanked and underbanked households from predatory products and improve credit scores, South Carolina should ensure residents have access to fair financial products by regulating payday, car-title and short-term installment loans.

Overall Rank: 48

Outcome Rankings

Issue Area Rank: 38 | Grade: D
Outcome Measure State Data US Data Rank
Income Poverty Rate 17.3% 14.6% 43
Asset Poverty Rate 23.9% 26.0% —
Asset Poverty by Race 3.5 x higher
for HHs
of color		 2.1 x higher
for HHs
of color		 —
Asset Poverty by Gender 1.6 x higher
for single women		 1.1 x higher
for single women		 —
Asset Poverty by Family Structure — 2.2 x higher
for 1-parent HHs		 —
Liquid Asset Poverty Rate 47.2% 43.9% 29
Liquid Asset Poverty by Race 2.1 x higher
for HHs
of color		 1.8 x higher
for HHs
of color		 —
Liquid Asset Poverty by Gender 1.38 x higher
for single women		 1.09 x higher
for single women		 —
Liquid Asset Poverty by Family Structure — 1.9 x higher
for 1-parent HHs		 —
Extreme Asset Poverty Rate 12.8% 17.5% —
Net Worth $70,441 $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 9.3% 8.2% 35
Underbanked Households 20.6% 20.1% 32
Households with Savings Accounts 62.9% 69.2% 41
Consumers with Subprime Credit 63.7% 56.4% 45
Borrowers 90+ Days Overdue 5.16% 4.33% 47
Average Credit Card Debt $9,627 $10,736 23
Bankruptcy Rate (per 1,000 people) 1.6 4.4 3
   

Policy Ratings
Policy Priorities
0.25 Tax Credits for Working Families
0 State IDA Program Support
0.5 Lifting Asset Limits in Public Benefit Programs
0.25 Protections from Predatory Short-Term Loans
Additional Policies
Income Tax Threshold — $26,100
Tax Burden by Income — The poorest 20% of families pay 1.4 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: 50 | Grade: F
Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 15.9% 16.7% 29
Small Business Ownership Rate 1.36% 1.34% 37
Business Ownership by Race 2.5 x higher
for white workers		 1.5 x higher
for white workers		 49
Business Ownership by Gender 1.5 x higher
for men		 1.3 x higher
for men		 48
Business Value by Race 3.5 x higher
for white bus. owners		 2.6 x higher
for white bus. owners		 45
Business Value by Gender 2.8 x higher
for men		 2.6 x higher
for men		 33
Business Creation Rate (per 1,000 workers) 7.8 9.2 38
Private Loans to Small Business $1,079 $1,148 34
Unemployment Rate 10.5% 8.9% 46
Unemployment by Race 2 x higher
for people
of color		 1.7 x higher
for people
of color		 33
Underemployment Rate 18.2% 15.9% 47
Low-Wage Jobs 28.6% 21.5% 43
Average Annual Pay $41,678 $48,043 44
Retirement Plan Participation 45.5% 44.6% 34
Employers Offering Health Insurance 49.2% 51.0% 26
   

Policy Ratings
Policy Priorities
0.25 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 32.5% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers covered; Benefits for compelling family reasons
Incentives for Employee Ownership — No state policy
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: 30 | Grade: C
Outcome Measure State Data US Data Rank
Homeownership Rate 69.2% 64.6% 15
Homeownership by Race 1.5 x higher
for white HHs		 1.6 x higher
for white HHs		 24
Homeownership by Income 2 x higher
for top 20%		 2.2 x higher
for top 20%		 11
Homeownership by Gender 1 x higher
for single men		 1.01 x higher
for single women		 —
Homeownership by Family Structure 2 x higher
for 2-parent HHs		 1.9 x higher
for 2-parent HHs		 38
Foreclosure Rate 4.33% 4.27% 40
Delinquent Mortgage Loans 2.54% 3.04% 22
High-Cost Mortgage Loans 2.38% 2.47% 33
Affordability of Homes (value/income) 3.2 x higher than median income 3.4 x higher than median income 19
Housing Cost Burden - Homeowners 34.2% 36.9% 25
Housing Cost Burden - Renters 54.2% 53.4% 40
   

Policy Ratings
Policy Priorities
0.75 Foreclosure Prevention and Protections
1 First-Time Homebuyer Assistance
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 10.0% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — None
Resident Ownership of Manufactured Housing Communities — No protections for homeowners

Footnotes

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

Outcome Rankings

Issue Area Rank: 40 | Grade: D
Outcome Measure State Data US Data Rank
Uninsured Rate 19.4% 17.3% 38
Uninsured by Race 1.6 x higher
for people
of color		 2 x higher
for people
of color		 11
Uninsured by Income 3.5 x higher
for poorest 20%		 3.5 x higher
for poorest 20%		 28
Uninsured by Gender 1.2 x higher
for men		 1.2 x higher
for men		 24
Uninsured Low-Income Children 11.4% 10.7% 38
Uninsured Low-Income Parents 36.0% 34.5% 31
Employer-Provided Insurance Coverage 53.6% 57.4% 38
Employee Share of Premium 31.1% 26.4% 45
Out-of-Pocket Medical Expenses 22.0% 16.2% —
   

Policy Ratings
Policy Priorities
0 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 6 months
Healthcare Information Databases — Does not have database

Footnotes

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

Outcome Rankings

Issue Area Rank: 42 | Grade: D
Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 32.9% 28.2% 14
Math Proficiency - 8th Grade 31.8% 34.7% 32
Reading Proficiency - 8th Grade 26.6% 33.5% 41
High School Degree 84.2% 85.9% 42
Two-Year College Degree 32.6% 36.3% 40
Four-Year College Degree 24.1% 28.5% 41
Four-Year Degree by Race 2 x higher
for white adults		 1.6 x higher
for white adults		 44
Four-Year Degree by Income 5.5 x higher
for top 20%		 4.6 x higher
for top 20%		 41
Four-Year Degree by Gender 1.01 x higher
for men		 1.01 x higher
for men		 —
Average College Graduate Debt $25,662 $26,600 29
College Graduates with Debt 54% 66% 12
Student Loan Default Rate 10.2% 13.4% 16
   

Policy Ratings
Policy Priorities
0.25 Access to Quality K-12 Education
0.5 Financial Education in Schools
0 College Savings Incentives
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $2,934 per child enrolled; 6.7 of 10 quality standards met
Kindergarten Standards — Full Day Kindergarten; separate standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $1,719 per student; 19% need-based
TANF-Funded Workforce Training — 9.43% of funds spent on training
WIA-Funded Workforce Training — 53.3% 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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