Arizona earns “F” in family financial prosperity
The Corporation for Enterprise Development‘s (CFED) Assets & Opportunity Scorecard is a comprehensive look at wealth, poverty, and the financial security of families in the United States. The Scorecard assesses the 50 states and the District of Columbia on how well residents are faring and what states can do to help residents build and protect assets. Arizona was one of five states to receive an “F.”
According to CFED, there are many policies that Arizona could enact to improve its climate for asset building and preservation:
- Support Entrepreneurs: To encourage small business ownership and reduce race and gender disparities, Arizona should fund organizations that provide technical assistance and loans to microenterprises.
- Curb Predatory Mortgage Lending: To remedy its high foreclosure rate, the state should curb unscrupulous lending practices, enforce sound underwriting and ban prepayment penalties.
- Improve Education: To improve math and reading proficiency and increase the number of high school graduates, Arizona should increase school spending, especially in high-poverty districts.