Report: Nearly 60 percent of households in Miami-Dade are one financial emergency away from poverty
By: Ina Paiva Cordle
|Nearly 60 percent of Miami-Dade County households — and 67 percent of Miami households — do not have enough savings to live at the poverty level for three months if they lose a job, face a medical crisis or suffer another emergency that leaves them without a steady income, according to a report released Tuesday by Family Assets Count, a project of the Corporation for Enterprise Development, in partnership with Citi Community Development and Catalyst Miami.
The data also showed that 54 percent of households in Miami and Miami-Dade with incomes between $50,000 and $75,000 are “liquid asset” poor, meaning they live in a state of persistent financial insecurity.
In addition, 28 percent of Miami residents do not have a savings or checking account — more than double the rate for Miami-Dade County (11 percent) and more than three times the national rate (8.2 percent). And 17 percent of households in the county and 26 percent of those in the city have a bank account, but still relied in the past year on alternative financial services such as payday loans, according to the report.