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

Rhode Island

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN RHODE ISLAND

 

Lead State Organization

Economic Progress Institute

 

Lead Local Organization

This state doesn’t have a Lead Local Organization.

 

Click here to learn how to join the Network.

 

WHAT RHODE ISLAND CAN DO

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

Protect Consumers in the Financial Marketplace: To lower the bankruptcy rate and average credit card debt, Rhode Island should prohibit or cap payday lending, and provide financial education in schools to teach consumers how to use credit wisely.

Protect Homeowners and Stabilize Communities:  To lower the foreclosure rate, Rhode Island should adopt policies that prevent unnecessary foreclosures and protect homeowners going through the process.

Increase Education and Training Opportunities: To improve educational and workforce outcomes, Rhode Island should change state Temporary Assistance for Needy Families (TANF) policies to expand opportunities for very low-skill individuals to participate in education and training.

Overall Rank: 35

Outcome Rankings

Issue Area Rank: 23 | Grade: C

Outcome Measure State Data US Data Rank
Income Poverty Rate 14.0% 14.6% 26
Asset Poverty Rate 27.2% 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 27.8% 43.9% 3
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 17.7% * 17.5%
Net Worth $124,025 $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 7.0% 8.2% 26
Underbanked Households 17.8% 20.1% 14
Households with Savings Accounts 72.0% 69.2% 25
Consumers with Subprime Credit 52.7% 56.4% 23
Borrowers 90+ Days Overdue 3.92% 4.33% 22
Average Credit Card Debt $13,803 $10,736 47
Bankruptcy Rate (per 1,000 people) 4.6 4.4 33
   
Additional Policies
Income Tax Threshold — $33,000
Tax Burden by Income — The poorest 20% of families pay 1.9 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 not 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: 38 | Grade: D

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 15.2% 16.7% 35
Small Business Ownership Rate 1.49% 1.34% 16
Business Ownership by Race 1.6 x higher
for white workers
1.5 x higher
for white workers
21
Business Ownership by Gender 1.5 x higher
for men
1.3 x higher
for men
51
Business Value by Race 3.2 x higher
for white bus. owners
2.6 x higher
for white bus. owners
40
Business Value by Gender 2.7 x higher
for men
2.6 x higher
for men
30
Business Creation Rate (per 1,000 workers) 12.1 9.2 11
Private Loans to Small Business $1,066 $1,148 35
Unemployment Rate 11.1% 8.9% 49
Unemployment by Race 2.1 x higher
for people
of color
1.7 x higher
for people
of color
39
Underemployment Rate 18.6% 15.9% 48
Low-Wage Jobs 19.8% 21.5% 21
Average Annual Pay $45,797 $48,043 23
Retirement Plan Participation 49.5% 44.6% 16
Employers Offering Health Insurance 60.0% 51.0% 5
   

Policy Ratings

Policy Priorities
0.25 State Support for Microenterprise
0.5 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 44.0% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Benefits for compelling family reasons; Part-time workers not covered
Incentives for Employee Ownership — No state policy
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: 49 | Grade: F

Outcome Measure State Data US Data Rank
Homeownership Rate 60.6% 64.6% 46
Homeownership by Race 2 x higher
for white HHs
1.6 x higher
for white HHs
47
Homeownership by Income 3.2 x higher
for top 20%
2.2 x higher
for top 20%
49
Homeownership by Gender 1.04 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 2.4 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
50
Foreclosure Rate 3.90% 4.27% 38
Delinquent Mortgage Loans 3.75% 3.04% 43
High-Cost Mortgage Loans 0.73% 2.47% 2
Affordability of Homes (value/income) 4.6 x higher than median income 3.4 x higher than median income 44
Housing Cost Burden - Homeowners 41.2% 36.9% 45
Housing Cost Burden - Renters 50.7% 53.4% 18
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 94.4% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — Circuit breaker for homeowners and renters who are elderly or disabled; Tax deferment in some localities
Resident Ownership of Manufactured Housing Communities — Medium strength protections; 45 days closure notice and opportunity to purchase; Tax incentive to sell to 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 12.5% 17.3% 14
Uninsured by Race 2.2 x higher
for people
of color
2 x higher
for people
of color
37
Uninsured by Income 3 x higher
for poorest 20%
3.5 x higher
for poorest 20%
10
Uninsured by Gender 1.3 x higher
for men
1.2 x higher
for men
43
Uninsured Low-Income Children 6.2% 10.7% 11
Uninsured Low-Income Parents 18.8% 34.5% 9
Employer-Provided Insurance Coverage 65.1% 57.4% 10
Employee Share of Premium 22.9% 26.4% 5
Out-of-Pocket Medical Expenses 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 — In implementation

Footnotes

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

Outcome Rankings

Issue Area Rank: 41 | Grade: D

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 14.4% 28.2% 42
Math Proficiency - 8th Grade 33.9% 34.7% 26
Reading Proficiency - 8th Grade 33.4% 33.5% 27
High School Degree 84.8% 85.9% 37
Two-Year College Degree 39.5% 36.3% 13
Four-Year College Degree 31.1% 28.5% 13
Four-Year Degree by Race 2.1 x higher
for white adults
1.6 x higher
for white adults
46
Four-Year Degree by Income 5.4 x higher
for top 20%
4.6 x higher
for top 20%
38
Four-Year Degree by Gender 1.08 x higher
for men
1.01 x higher
for men
Average College Graduate Debt $29,097 $26,600 45
College Graduates with Debt 69% 66% 41
Student Loan Default Rate 11.2% 13.4% 23
   
Additional Policies
State-Funded Head Start — $800,000 in supplemental funds
Quality of State Pre-K Programs — Established state program; $9,127 per child enrolled; 10 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 — $201 per student; 100% need-based
TANF-Funded Workforce Training — 0% of funds spent on training
WIA-Funded Workforce Training — 50.8% 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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