Pathways to Financial Success

Findings of the Financial Progress Study of Center for Working Families Participants

By ABT Associates Inc.

December 28, 2010

Summary

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. 

Table of Contents

Key Takeaway

Having a job is the key to all other financial success and employment was illusive during the 2008 Recession

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.

Findings & Stats

Total Monthly Income of Participants

How Spending Patterns Changed 

Supplemental Income Increased: EITC went from 16% to 41%.  

Statements & Quotations