ALICE® Update- Helping ALICE Families Access Good Jobs and Save for the Future
In this ALICE Update, we explore the challenges ALICE (Asset Limited, Income Constrained, Employed) faces due to low wages and a lack of savings as well as the work United Ways and organizations throughout the state are doing to help ALICE access good jobs, save for the future and achieve financial stability.
In Connecticut, 27% of households have earnings above the Federal Poverty Level but below a basic cost of living which often results in living paycheck to paycheck. Lack of savings is the financial challenge American families' worry about the most. Nationwide, one in three households have no savings, which means that a medical emergency or unexpected car repair has the potential to send them spiraling into poverty.