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

Maine

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WHAT MAINE CAN DO

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

Encourage Savings and Investment: To reduce asset poverty, Maine should provide more funding and support for its state Family Development Account program, and remove the disincentive for low-income families to save by lifting asset limits in its cash welfare and family Medicaid (MaineCare) programs.

Improve Educational Outcomes: To increase math and reading proficiency and boost college attainment rates, Maine should increase funding for K-12 education, create strong systems for teacher evaluation and retention, and restore the full savings match on its state 529 college savings plan.

Improve Job Quality and Support Microenterprises: To address low average annual pay and benefits for workers, Maine should increase its minimum wage. The state should also continue to support and grow microenterprises by expanding access to capital through the Finance Authority of Maine.

Overall Rank: 10

Outcome Rankings

Issue Area Rank: 16 | Grade: B

Outcome Measure State Data US Data Rank
Income Poverty Rate 14.6% 14.6% 28
Asset Poverty Rate 22.9% 26.0%
Asset Poverty by Race 2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single women
Asset Poverty by Family Structure 2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 46.4% ** 43.9% N.R.
Liquid Asset Poverty by Race 1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 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 17.5%
Net Worth $67,870 $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 3.7% 8.2% 4
Underbanked Households 19.0% 20.1% 20
Households with Savings Accounts 79.3% 69.2% 6
Consumers with Subprime Credit 51.8% 56.4% 18
Borrowers 90+ Days Overdue 4.04% 4.33% 25
Average Credit Card Debt $10,171 $10,736 29
Bankruptcy Rate (per 1,000 people) 2.6 4.4 16
   
Additional Policies
Income Tax Threshold — $25,000
Tax Burden by Income — The poorest 20% of families pay 1.4 times more of their income in taxes than the top 1% of families
Prize-Linked Savings — Legislation passed to allow prize-linked savings
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 estimate is unable to be ranked because the ranks are too closely clustered to say with confidence how the state compares to other states.

Outcome Rankings

Issue Area Rank: 13 | Grade: B

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 18.8% 16.7% 5
Small Business Ownership Rate 1.59% 1.34% 9
Business Ownership by Race 1.3 x higher
for white workers
1.5 x higher
for white workers
5
Business Ownership by Gender 1.4 x higher
for men
1.3 x higher
for men
42
Business Value by Race 2 x higher
for white bus. owners
2.6 x higher
for white bus. owners
9
Business Value by Gender 2.4 x higher
for men
2.6 x higher
for men
11
Business Creation Rate (per 1,000 workers) 13.2 9.2 7
Private Loans to Small Business $1,556 $1,148 5
Unemployment Rate 8.0% 8.9% 24
Unemployment by Race 2.4 x higher
for people
of color
1.7 x higher
for people
of color
44
Underemployment Rate 15.1% 15.9% 27
Low-Wage Jobs 20.9% 21.5% 24
Average Annual Pay $39,075 $48,043 48
Retirement Plan Participation 46.6% 44.6% 29
Employers Offering Health Insurance 44.9% 51.0% 43
   

Policy Ratings

Policy Priorities
0.75 State Support for Microenterprise
0.25 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 38.7% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers covered; Benefits for compelling family reasons
Incentives for Employee Ownership — WIA-funded feasibility studies; Not all criteria met
Loans for Beginning Farmers — No state policy

Footnotes

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

Outcome Rankings

Issue Area Rank: 31 | Grade: C

Outcome Measure State Data US Data Rank
Homeownership Rate 71.0% 64.6% 8
Homeownership by Race 1.5 x higher
for white HHs
1.6 x higher
for white HHs
26
Homeownership by Income 2.2 x higher
for top 20%
2.2 x higher
for top 20%
17
Homeownership by Gender 1.03 x higher
for single men
1.01 x higher
for single women
Homeownership by Family Structure 1.8 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
18
Foreclosure Rate 5.69% 4.27% 46
Delinquent Mortgage Loans 3.04% 3.04% 32
High-Cost Mortgage Loans 2.29% 2.47% 30
Affordability of Homes (value/income) 3.7 x higher than median income 3.4 x higher than median income 33
Housing Cost Burden - Homeowners 35.7% 36.9% 31
Housing Cost Burden - Renters 53.9% 53.4% 39
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 43.6% of LIHTC for preservation
Tenant Protections from Foreclosure — Has protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters; Tax deferment
Resident Ownership of Manufactured Housing Communities — Medium strength protections; 45 days closure notice; No opportunity to purchase or tax incentive

Footnotes

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

Outcome Rankings

Issue Area Rank: 15 | Grade: B

Outcome Measure State Data US Data Rank
Uninsured Rate 12.7% 17.3% 15
Uninsured by Race 1.03 x higher
for people
of color
2 x higher
for people
of color
1
Uninsured by Income 4.2 x higher
for poorest 20%
3.5 x higher
for poorest 20%
39
Uninsured by Gender 1.3 x higher
for men
1.2 x higher
for men
40
Uninsured Low-Income Children 5.8% 10.7% 8
Uninsured Low-Income Parents 9.7% 34.5% 3
Employer-Provided Insurance Coverage 58.1% 57.4% 29
Employee Share of Premium 29.1% 26.4% 36
Out-of-Pocket Medical Expenses 16.2%
   

Policy Ratings

Policy Priorities
0.75 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 12 months
Healthcare Information Databases — Has database

Footnotes

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

Outcome Rankings

Issue Area Rank: 11 | Grade: B

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 27.3% 28.2% 18
Math Proficiency - 8th Grade 38.8% 34.7% 18
Reading Proficiency - 8th Grade 38.5% 33.5% 10
High School Degree 90.9% 85.9% 8
Two-Year College Degree 37.3% 36.3% 22
Four-Year College Degree 28.4% 28.5% 21
Four-Year Degree by Race 1.2 x higher
for white adults
1.6 x higher
for white adults
5
Four-Year Degree by Income 3.4 x higher
for top 20%
4.6 x higher
for top 20%
8
Four-Year Degree by Gender 1.07 x higher
for women
1.01 x higher
for men
Average College Graduate Debt $26,046 $26,600 31
College Graduates with Debt 71% 66% 43
Student Loan Default Rate 11.5% 13.4% 26
   
Additional Policies
State-Funded Head Start — $3,801,282 in supplemental funds
Quality of State Pre-K Programs — Established state program; $4,555 per child enrolled; 6 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; no standards; certificates or training required for teachers
State Financial Aid for Postsecondary Education — $304 per student; 100% need-based
TANF-Funded Workforce Training — 2.37% of funds spent on training
WIA-Funded Workforce Training — 81.4% of participants received training

Footnotes

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

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