A new nationwide study shows a continuing surge in “asset poverty” rates in North Texas -- despite the economic recovery.
Asset poverty is a measure of how many people can weather a financial crisis -- it was the basis for KERA’s recent series “One Crisis Away.” The latest numbers from the Corporation for Economic Development show that 36 percent of Dallasites and 31 percent of Fort Worth residents are asset-poor. Meanwhile, 26 percent of Tarrant County and 31 percent of Dallas County residents are asset-poor.
From Corporation for Economic Development:
Nearly half (45 percent) of all households in major American cities are financially vulnerable—without assets or adequate savings to cover basic expenses for even three months in the event of an emergency, such as a job loss or health crisis. The inability to bounce back from financial pitfalls is not only a detriment to families but also to the economic growth of the cities in which they live.