Recession Woes
The financial progress study was conducted during the 2008 recession, which likely affected participants’ ability to find jobs.
Using three Center for Working Family sites, this study looks at the financial growth made by CWF families from initial intake through a follow up survey about a year later. The report includes financial background information followed by a description of study participants. The remainder of the report analyzes study findings to see if families are better off.
The financial progress study was conducted during the 2008 recession, which likely affected participants’ ability to find jobs.
Total Monthly Income of Participants
Survey participants were predominantly female with children, Black, single, with a high school diploma or GED.
How Spending Patterns Changed
Living expense debt (credits card) fell 66% while asset-building debt (home/student loans) increased by 33%.
Supplemental Income Increased: EITC went from 16% to 41%.
Survey limitations - including no control group and small sample size - prevents this analysis from linking participant outcomes to the CWF program itself.
Financial progress cannot be attained without employment. Without jobs, all other financial goals – from improving credit scores to saving money or buying a house – are virtually impossible to achieve. The scarcity of jobs hit low-income workers the hardest during the 2008 recession. Studies show that workers with the lowest incomes–household incomes of under $12,500 and those with incomes from $12,500 to $20,000 – have the highest unemployment rates.
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