CFED Scorecard

CFED Assets & Opportunity Scorecard

Alabama Reports & Graphics State Profile
Overall
Outcome Rank
Overall
Policy Rank
Outcome Rankings Policy Rankings
Financial Assets & Income 49 Financial Assets & Income 41
Businesses & Jobs 47 Businesses & Jobs 48
Housing & Homeownership 17 Housing & Homeownership 43
Health Care 37 Health Care 47
Education 50 Education 25

Connect to the A&O Network in Alabama
Unbanked Households in AL
If Alabama improved to the performance of the best state, there would be:
153,097 fewer unbanked households

OUTCOME RANKINGS
Issue Area Rank: 49 | GRADE F

Outcome Measure State Data US Data Rank
Income Poverty Rate 18.4% 14.7% 47
Asset Poverty Rate 24.3% 25.4%
Asset Poverty by Race 2 x higher
for HHs
of color
2.2 x higher
for HHs
of color
Asset Poverty by Gender 1.64 x higher
for single women
1.15 x higher
for single women
Asset Poverty by Family Structure 1.9 x higher
for 1-parent HHs
2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 62.7% 43.5% 39
Liquid Asset Poverty by Race 1.4 x higher
for HHs
of color
1.7 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.1 x higher
for single women
1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.7 x higher
for 1-parent HHs
1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 16.0% 17.0%
Net Worth $52,293 * $70,359
Unbanked Households 10.2% 8.2% 41
Underbanked Households 28.8% 20.1% 50
Households with Savings Accounts 62.6% 69.2% 43
Consumers with Subprime Credit 62.6% 56.3% 43
Borrowers 90+ Days Overdue 4.01% 3.63% 39
Average Credit Card Debt $8,501 $10,221 19
Bankruptcy Rate (per 1,000 people) 5.7 3.7 48

POLICY RANKINGS
Issue Area Rank: 41 | 4 of 20 policies adopted

Policy Priorities
Automatic Direct Deposit
Automatic direct deposit?
Child Tax Credit and Child and Dependent Care Tax Credit
CTC or CDCTC enacted?
Debt Collection and Bankruptcy
At least 2 major assets protected?
Lifting Asset Limits in Public Benefit Programs
Eliminated TANF asset test?
Eliminated SNAP asset test?
Protections from Predatory Debt Settlement Practices
Debt settlement protections?
Protections from Predatory Short-Term Loans
Protect against payday lending?
Protect against car-title lending?
Protect against short-term installment loans?
Prize-Linked Savings
Prize-linked savings?
State Earned Income Tax Credit
State EITC?
Refundable EITC?
State EITC is 15% of federal?
Statewide Financial Access Programs
Statewide financial access program?
State Support for Individual Development Accounts
State funding?
State Tax Fairness
State income tax?
Progressive State Tax Rate?
Tax Preparation Regulation
Regulate tax preparers?
Ban add-on fees?
Unemployment Compensation Using Prepaid Cards
Low-fee UI prepaid card?

Footnotes

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

* Indicates that the margin of error is greater than 25% of the estimate, and as such, this estimate is too imprecise to rank. Caution should be used when using this data.

Low-Wage Jobs in AL
If Alabama improved to the performance of the best state, there would be:
519,205 fewer jobs in low-wage occupations

OUTCOME RANKINGS
Issue Area Rank: 47 | GRADE F

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 16.3% 16.5% 19
Small Business Ownership Rate 1.36% 1.36% 36
Business Ownership by Race 1.9 x higher
for white workers
1.5 x higher
for white workers
36
Business Ownership by Gender 1.4 x higher
for men
1.3 x higher
for men
37
Business Value by Race 5.2 x higher
for white bus. owners
2.6 x higher
for white bus. owners
50
Business Value by Gender 3.2 x higher
for men
2.6 x higher
for men
46
Business Creation Rate (per 1,000 workers) 6.6 9.3 49
Private Loans to Small Business $1,412 $1,155 9
Unemployment Rate 7.0% 7.6% 23
Unemployment by Race 2.2 x higher
for workers
of color
1.7 x higher
for workers
of color
42
Underemployment Rate 12.6% 14.1% 21
Low-Wage Jobs 33.0% 21.0% 49
Average Annual Pay $46,295 $49,289 26
Retirement Plan Participation 46.5% 44.2% 26
Employers Offering Health Insurance 52.4% 50.1% 17

POLICY RANKINGS
Issue Area Rank: 48 | 0 of 10 policies adopted

Policy Priorities
Loans for Beginning Farmers
Aggie Bond program?
Minimum Wage
Adequate minimum wage?
All classes of workers covered by state minimum wage?
Paid Leave
Paid leave required?
Expanded FMLA?
Support for Unemployed Entrepreneurs
Active SEA program?
State Support for Microenterprise
CDBG funding?
TANF/WIA funding?
Unemployment Benefits
Adequate benefit?
Expanded eligibility enacted?

Footnotes

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

Housing Cost Burden - Renters in AL
If Alabama improved to the performance of the best state, there would be:
71,693 fewer cost-burdened renters

OUTCOME RANKINGS
Issue Area Rank: 17 | GRADE B

Outcome Measure State Data US Data Rank
Homeownership Rate 68.8% 63.9% 13
Homeownership by Race 1.4 x higher
for white HHs
1.6 x higher
for white HHs
14
Homeownership by Income 2 x higher
for top 20%
2.2 x higher
for top 20%
12
Homeownership by Gender 1.03 x higher
for single men
1.01 x higher
for single women
Homeownership by Family Structure 1.9 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
29
Foreclosure Rate 1.77% 3.33% 17
Delinquent Mortgage Loans 3.23% 2.55% 43
High-Cost Mortgage Loans 4.20% 3.57% 38
Affordability of Homes (value/income) 3 x higher than median income 3.3 x higher than median income 15
Housing Cost Burden - Homeowners 28.3% 33.9% 15
Housing Cost Burden - Renters 49.8% 52.0% 24

POLICY RANKINGS
Issue Area Rank: 43 | 4 of 15 policies adopted

Policy Priorities
Foreclosure Regulations
Third-party review?
Mortgage servicer regulation?
First-Time Homebuyer Assistance
Downpayment assistance?
Direct lending?
Homeownership counseling?
Targeted MCCs?
Housing Trust Funds
Housing trust fund?
Protection from Discrimination for Low-Income Renters
Section 8 protections?
Post-Foreclosure Protections
Deficiency judgments limited/abolished?
Preservation of Affordable Rental Housing
30 year LIHTC affordability required?
Property Tax Relief
Well-targeted circuit-breaker?
Redeveloping Foreclosed Properties
Land banking enabled?
Resident Ownership and Titling of Manufactured Homes
Encourages resident ownership?
Titling as real property?
Tenant Protections from Foreclosure
Tenant foreclosure protections?

Footnotes

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

Uninsured Low-Income Children in AL
If Alabama improved to the performance of the best state, there would be:
22,051 more low-income children with health insurance

OUTCOME RANKINGS
Issue Area Rank: 37 | GRADE D

Outcome Measure State Data US Data Rank
Uninsured Rate 15.5% 16.9% 25
Uninsured by Race 1.7 x higher
for people
of color
2 x higher
for people
of color
21
Uninsured by Income 6 x higher
for poorest 20%
4.4 x higher
for poorest 20%
49
Uninsured by Gender 1.1 x higher
for men
1.2 x higher
for men
15
Uninsured Low-Income Children 6.0% 10.0% 13
Uninsured Low-Income Parents 35.8% 35.0% 36
Employer-Provided Insurance Coverage 56.3% 57.4% 34
Employee Share of Premium 32.9% 27.4% 49
Out-of-Pocket Medical Expenses 16.6% 14.2%

POLICY RANKINGS
Issue Area Rank: 47 | 0 of 4 policies adopted

Policy Priorities
Expanded COBRA Coverage
Expanded COBRA coverage?
Limitations on Hospital Charges, Billing and Collections
Limits charges, billing or collections?
Medicaid and CHIP: Simplified Procedures for Children
2 of 3 procedures implemented?
Medicaid Expansion
Medicaid expansion?

Footnotes

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

High School Degree in AL
If Alabama improved to the performance of the best state, there would be:
283,271 more adults with at least a high school degree

OUTCOME RANKINGS
Issue Area Rank: 50 | GRADE F

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 17.2% 27.6% 35
Math Proficiency - 8th Grade 19.7% 35.5% 50
Reading Proficiency - 8th Grade 25.1% 36.1% 47
High School Graduation Rate 75.0% 37
High School Degree 84.0% 86.4% 46
Two-Year College Degree 30.7% 37.1% 45
Four-Year College Degree 23.3% 29.1% 45
Four-Year Degree by Race 1.5 x higher
for white adults
1.6 x higher
for white adults
22
Four-Year Degree by Income 7.2 x higher
for top 20%
5 x higher
for top 20%
48
Four-Year Degree by Gender 1.01 x higher
for men
1.0 - nearly equal
for women & men
Average College Graduate Debt $26,450 $29,400 26
College Graduates with Debt 53% 71% 9
Student Loan Default Rate 15.9% 14.7% 38

POLICY RANKINGS
Issue Area Rank: 25 | 6 of 18 policies adopted

Policy Priorities
Access to Early Education
Sufficient funding?
7 of 10 quality standards met?
Access to Quality K-12 Education
Adequate education spending?
Targeted education spending?
Strong teacher evaluation and retention?
College Savings Incentives
529 matching programs?
Partnerships with large entities?
Minimized savings barriers?
Full-Day Kindergarten
Full-day kindergarten required?
Financial Education in Schools
Personal finance required and assessed?
In-State Tuition for Undocumented Students
In-state tuition?
Postsecondary Education Financial Aid
Adequate financial aid funding?
Well-targeted financial aid?
State-Funded Head Start
Head Start grant?
Student Protections from Deceptive For-Profit Schools
Tuition compensation?
Online regulation?
State Support for Public Colleges and Universities
Adequate funding for public colleges?
WIA-Funded Workforce Training
Adequate workforce training funding?

Footnotes

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

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