About Income & Financial Assets
Earning sufficient income is essential for long term financial security. If families are earning enough to be self-sufficient, they can begin saving for the future. Rainy day funds help families continue paying their bills when something unexpected occurs, like a job loss or accident, allowing them to avoid costly short term lending options. When financial assets are large enough, they can be used to purchase a vehicle or live off of in retirement.
To get the most out of their money, Idahoans must have a relationship with a mainstream banks or credit unions. Basic checking accounts, savings accounts, and credit cards can help people build credit and savings. A relationship with a bank can also open up other wealth-building opportunities, like long-term savings products, credit-building loans, home mortgage loans, affordable small dollar loans, and secure credit cards.
Income & Financial Assets in Idaho
Average annual pay for Idaho workers has increased slightly in the last year. However, income inequality is still high in Idaho with the richest 20% of households earning 4.4 times more than the poorest 20%. Idaho’s liquid asset poverty rate is higher than the national average. A rule of thumb is to have three months of earnings saved away in case of an emergency. More than 4 in 10 households would not even have enough savings to live at the federal poverty line for three months should they need to.
Resources on Income & Financial Assets
Idaho Department of Labor: Occupational Employment & Wages Survey Federal Deposit Insurance Corporation: Idaho Survey of Unbanked HouseholdsIdaho Asset Building Map