CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Kentucky

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN KENTUCKY

 

Lead State Organization

This state doesn’t have a Lead State Organization.

 

Lead Local Organization

Louisville Metro Community Services and Revitalization
Louisville 

Click here to learn how to join the Network.

 

WHAT KENTUCKY CAN DO

There are many policies that Kentucky could enact to improve its climate for asset building and preservation:

Protect Consumers in the Financial Marketplace: To address high unbanked and underbanked rates, increase credit scores and lower bankruptcy rates, Kentucky should help ensure residents have access to fair and appropriate financial products by capping payday loans at 36% APR.

Increase Incomes and Encourage Savings: To reduce high income and asset poverty, Kentucky should enact a state Earned Income Tax Credit to maximize income for low-wage workers, remove the disincentive to save for very low-income families by lifting asset limits for its cash welfare and family Medicaid programs, and create a state Individual Development Account program.

Improve Educational Outcomes: To increase math and reading proficiency and help boost college attainment rates, Kentucky should increase funding for K-12 education, create strong systems for teacher evaluation and retention, and create college savings incentives through the state 529 plan.

Overall Rank: 34

Outcome Rankings

Issue Area Rank: 44 | Grade: D

Outcome Measure State Data US Data Rank
Income Poverty Rate 18.7% 14.6% 47
Asset Poverty Rate 23.7% 26.0%
Asset Poverty by Race 2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.2 x higher
for single women
1.1 x higher
for single women
Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 48.1% 43.9% 31
Liquid Asset Poverty by Race 1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.13 x higher
for single women
1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 11.7% * 17.5%
Net Worth $55,159 * $68,948
Net Worth by Race 10.3 x higher
for white HHs
Net Worth by Income 68 x higher
for top 20%
Net Worth by Gender 1.18 x higher
for single men
Net Worth by Family Structure 22 x higher
for 2-parent HHs
Unbanked Households 9.9% 8.2% 40
Underbanked Households 21.5% 20.1% 38
Households with Savings Accounts 58.8% 69.2% 48
Consumers with Subprime Credit 59.7% 56.4% 38
Borrowers 90+ Days Overdue 4.46% 4.33% 34
Average Credit Card Debt $8,347 $10,736 17
Bankruptcy Rate (per 1,000 people) 5.0 4.4 38
   
Additional Policies
Income Tax Threshold — $18,500
Tax Burden by Income — The poorest 20% of families pay 1.6 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Prize-linked savings not allowed
Paperless Payday — Paperless payday permitted

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

* Indicates that the margin of error is greater than 25% of the estimate, and as such, this estimate is too imprecise to rank. Caution should be used when using this data.

Outcome Rankings

Issue Area Rank: 37 | Grade: D

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 15.1% 16.7% 37
Small Business Ownership Rate 1.31% 1.34% 44
Business Ownership by Race 1.8 x higher
for white workers
1.5 x higher
for white workers
27
Business Ownership by Gender 1.3 x higher
for men
1.3 x higher
for men
32
Business Value by Race 2.1 x higher
for white bus. owners
2.6 x higher
for white bus. owners
12
Business Value by Gender 2.6 x higher
for men
2.6 x higher
for men
22
Business Creation Rate (per 1,000 workers) 7.3 9.2 41
Private Loans to Small Business $1,049 $1,148 37
Unemployment Rate 9.5% 8.9% 38
Unemployment by Race 1.6 x higher
for people
of color
1.7 x higher
for people
of color
12
Underemployment Rate 15.6% 15.9% 33
Low-Wage Jobs 24.8% 21.5% 33
Average Annual Pay $44,198 $48,043 32
Retirement Plan Participation 47.1% 44.6% 28
Employers Offering Health Insurance 56.0% 51.0% 10
   

Policy Ratings

Policy Priorities
0.5 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 38.1% of average weekly wage
Unemployment Benefit Eligibility — No expansion of coverage
Incentives for Employee Ownership — No state policy
Loans for Beginning Farmers — Inactive Aggie Bond Program

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 29 | Grade: C

Outcome Measure State Data US Data Rank
Homeownership Rate 68.9% 64.6% 16
Homeownership by Race 1.7 x higher
for white HHs
1.6 x higher
for white HHs
41
Homeownership by Income 2.3 x higher
for top 20%
2.2 x higher
for top 20%
30
Homeownership by Gender 1.05 x higher
for single men
1.01 x higher
for single women
Homeownership by Family Structure 1.9 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
30
Foreclosure Rate 3.75% 4.27% 34
Delinquent Mortgage Loans 2.66% 3.04% 25
High-Cost Mortgage Loans 4.20% 2.47% 43
Affordability of Homes (value/income) 2.9 x higher than median income 3.4 x higher than median income 14
Housing Cost Burden - Homeowners 28.1% 36.9% 10
Housing Cost Burden - Renters 51.1% 53.4% 20
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 58.0% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — None
Resident Ownership of Manufactured Housing Communities — No protections for homeowners

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 6 | Grade: A

Outcome Measure State Data US Data Rank
Uninsured Rate 16.6% 17.3% 29
Uninsured by Race 1.5 x higher
for people
of color
2 x higher
for people
of color
7
Uninsured by Income 3.1 x higher
for poorest 20%
3.5 x higher
for poorest 20%
14
Uninsured by Gender 1.1 x higher
for men
1.2 x higher
for men
5
Uninsured Low-Income Children 8.0% 10.7% 20
Uninsured Low-Income Parents 32.8% 34.5% 23
Employer-Provided Insurance Coverage 56.4% 57.4% 33
Employee Share of Premium 23.4% 26.4% 8
Out-of-Pocket Medical Expenses 15.1% 16.2%
   

Policy Ratings

Policy Priorities
0.25 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 18 months
Healthcare Information Databases — Does not have database

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Outcome Rankings

Issue Area Rank: 38 | Grade: D

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 32.4% 28.2% 16
Math Proficiency - 8th Grade 30.7% 34.7% 36
Reading Proficiency - 8th Grade 36.3% 33.5% 15
High School Degree 83.1% 85.9% 46
Two-Year College Degree 28.0% 36.3% 48
Four-Year College Degree 21.1% 28.5% 48
Four-Year Degree by Race 1.1 x higher
for white adults
1.6 x higher
for white adults
2
Four-Year Degree by Income 7.5 x higher
for top 20%
4.6 x higher
for top 20%
51
Four-Year Degree by Gender 1.03 x higher
for women
1.01 x higher
for men
Average College Graduate Debt $22,287 $26,600 12
College Graduates with Debt 60% 66% 23
Student Loan Default Rate 15.0% 13.4% 41
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $6,718 per child enrolled; 9 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; no standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $972 per student; 48% need-based
TANF-Funded Workforce Training — 1.88% of funds spent on training
WIA-Funded Workforce Training — 76.3% of participants received training

Footnotes

"—" Not Available. Data or ranks are not available because insufficient or unreliable data exist for the state.

Copyright © 2016 CFED — Corporation for Enterprise Development 1200 G Street, NW Suite 400 Washington, DC 20005 202.408.9788