By Kevin Wilhelm March 31, 2017
They say habits, either good or bad, can be formed in as little time as 30 days. At Middlesex United Way, we are excited to unveil our new partnership that helps lower-income families develop new savings habits that can last a lifetime. Middlesex United Way, along with other Connecticut United Ways across the state, are partnering with EARN, a San Francisco- based nonprofit organization. The purpose of the new partnership is to continue in our fight to helping the ALICE (Asset Limited, Income Constrained, Employed) population by bringing an easy to use, matched savings program.
In 2014, Connecticut United Ways and Rutgers University found that despite their efforts, 25 percent of Connecticut households who earn above the federal poverty line still live under a basic cost-of-living threshold defined in the report. We define these households as ALICE, – Asset Limited, Income Constrained, Employed. ALICE households, combined with those in poverty, comprise 38 percent of Connecticut households, revealing that more than 1 in 3 Connecticut households can’t afford the basics of housing, food, healthcare, childcare, and transportation.
To be defined as ALICE, you must be asset limited. Thirty-nine percent of Connecticut households lack the liquid assets necessary to survive a financial emergency. This means that an unexpected hospital trip or car repairs can have the potential to devastate an ALICE household. Sadly, it is often these unexpected expenses that lead to further financial hardships for these families.
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