77% of low- to moderate-income U.S. households experience asset poverty

New research out of Oregon State University published in the journal Social Policy Administration finds that more than three quarters of low- to moderate income U.S. households are below the asset poverty threshold, wherein the household does not have enough financial assets to withstand three months without income. This is particularly relevant as the pandemic has left many unemployed and many federal CARES Act programs have expired, such as the increased unemployment insurance benefits, The authors also compare asset poverty rates in the United States and in Canada, finding that the situation in Canada is only slightly better, with still 62% of low- to moderate-income households below the asset poverty threshold. #covid-19 #workforce