Last week, Citi Community Development and the Corporation for Enterprise Development released new data about family financial security in DC. The data is found on FamilyAssetsCount.org in Building Financial Security in the District of Columbia: A Data Snapshot (PDF)—a snapshot is shown in the image above.
As reported in the blog post DC's unbanked population twice regional rate, may DC individuals and families are financially vulnerable. According to Family Assets Count,
- 74% of single-parent households, 55% of households with children, 54% of renters and 73% of households with no education above a high school diploma live in liquid asset poverty in the District.
- 18% of the District’s population receives the federal Earned Income Tax Credit (EITC), but only 4% are utilizing free tax prep services to receive their refund.
- 12% of District households do not have a checking or savings account—nearly twice the national rate. So, nearly 32,000 households are more susceptible to using alternative, often predatory, financial services. Even among those households that have bank accounts, a full 25% still relied on alternative financial services, such as check cashing or payday loans in the last year.
Family Assets Count is a project of CFED (the Corporation for Enterprise Development) and the Assets & Opportunity Initiative along with Citi Community Development, Capital Area Asset Builders (CAAB), and United Way of the National Capital Area.
In related news, Mayor Bowser announced the new Asset Building @ Work program, a partnership between CAAB and the Department of Employment Services. The partnership represents an "innovative model of integrating financial capability services with workforce development program over three years." (Mayor Bowser, Citi, CAAB Launch Partnership to Strengthen Employment Services Programming).