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

Tennessee

Reports & Graphics

CONNECT TO
STAKEHOLDERS
IN TENNESSEE

 

Lead State Organization

This state doesn’t have a Lead State Organization.

 

Lead Local Organization

This state doesn’t have a Lead Local Organization. 

 

Click here to learn how to join the Network.

 

WHAT TENNESSEE CAN DO

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

Improve Educational Outcomes: To improve reading and math proficiency and increase college attainment, Tennessee should increase funding to schools, especially in high-poverty districts, and match savings for college in 529 accounts.

Increase Incomes, Savings and Investment: To reduce income poverty and liquid asset poverty, Tennessee should adopt state tax credits to increase incomes; remove the disincentive to save for very-low-income families by lifting asset limits for its cash welfare and Medicaid programs; and fund a state Individual Development Account program to help families to purchase a home, business or college education.

Protect Consumers in the Financial Marketplace: To address the high number of unbanked and underbanked households, high bankruptcy rates and low credit scores, Tennessee should ensure residents have access to fair financial products by regulating payday lending, car-title lending and short-term installment loans.

Overall Rank: 44

Outcome Rankings

Issue Area Rank: 41 | Grade: D

Outcome Measure State Data US Data Rank
Income Poverty Rate 17.0% 14.6% 42
Asset Poverty Rate 23.0% 26.0%
Asset Poverty by Race 2.3 x higher
for HHs
of color
2.1 x higher
for HHs
of color
Asset Poverty by Gender 1.1 x higher
for single women
1.1 x higher
for single women
Asset Poverty by Family Structure 2.7 x higher
for 1-parent HHs
2.2 x higher
for 1-parent HHs
Liquid Asset Poverty Rate 53.7% 43.9% 36
Liquid Asset Poverty by Race 1.6 x higher
for HHs
of color
1.8 x higher
for HHs
of color
Liquid Asset Poverty by Gender 1.01 x higher
for single women
1.09 x higher
for single women
Liquid Asset Poverty by Family Structure 1.8 x higher
for 1-parent HHs
1.9 x higher
for 1-parent HHs
Extreme Asset Poverty Rate 13.4% 17.5%
Net Worth $66,274 * $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 10.9% 8.2% 42
Underbanked Households 18.1% 20.1% 19
Households with Savings Accounts 59.3% 69.2% 46
Consumers with Subprime Credit 60.2% 56.4% 39
Borrowers 90+ Days Overdue 4.22% 4.33% 31
Average Credit Card Debt $9,101 $10,736 21
Bankruptcy Rate (per 1,000 people) 7.2 4.4 48
   
Additional Policies
Income Tax Threshold — No state income tax
Tax Burden by Income — The poorest 20% of families pay 4 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: 40 | Grade: D

Outcome Measure State Data US Data Rank
Microenterprise Ownership Rate 16.8% 16.7% 15
Small Business Ownership Rate 1.24% 1.34% 46
Business Ownership by Race 2 x higher
for white workers
1.5 x higher
for white workers
39
Business Ownership by Gender 1.4 x higher
for men
1.3 x higher
for men
39
Business Value by Race 2.9 x higher
for white bus. owners
2.6 x higher
for white bus. owners
36
Business Value by Gender 2.5 x higher
for men
2.6 x higher
for men
19
Business Creation Rate (per 1,000 workers) 5.2 9.2 51
Private Loans to Small Business $1,253 $1,148 15
Unemployment Rate 9.2% 8.9% 34
Unemployment by Race 1.8 x higher
for people
of color
1.7 x higher
for people
of color
25
Underemployment Rate 15.5% 15.9% 32
Low-Wage Jobs 25.9% 21.5% 36
Average Annual Pay $46,398 $48,043 22
Retirement Plan Participation 45.6% 44.6% 33
Employers Offering Health Insurance 56.6% 51.0% 8
   

Policy Ratings

Policy Priorities
0.25 State Support for Microenterprise
0 Job Quality Standards
Additional Policies
Unemployment Benefit Level — 29.3% of average weekly wage
Unemployment Benefit Eligibility — Uses alternative base period; Part-time workers covered; No benefits for compelling family reasons
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: 33 | Grade: C

Outcome Measure State Data US Data Rank
Homeownership Rate 67.3% 64.6% 28
Homeownership by Race 1.6 x higher
for white HHs
1.6 x higher
for white HHs
36
Homeownership by Income 2.2 x higher
for top 20%
2.2 x higher
for top 20%
19
Homeownership by Gender 1 x higher
for single women
1.01 x higher
for single women
Homeownership by Family Structure 2 x higher
for 2-parent HHs
1.9 x higher
for 2-parent HHs
39
Foreclosure Rate 2.35% 4.27% 17
Delinquent Mortgage Loans 3.36% 3.04% 40
High-Cost Mortgage Loans 4.20% 2.47% 43
Affordability of Homes (value/income) 3.3 x higher than median income 3.4 x higher than median income 25
Housing Cost Burden - Homeowners 32.7% 36.9% 19
Housing Cost Burden - Renters 52.9% 53.4% 32
   
Additional Policies
Housing Trust Funds — Has statewide housing trust fund
Preservation of Affordable Rental Housing — 8.5% of LIHTC for preservation
Tenant Protections from Foreclosure — No protections beyond federal law
Property Tax Relief — No circuit breaker; Tax deferment
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: 31 | Grade: C

Outcome Measure State Data US Data Rank
Uninsured Rate 16.9% 17.3% 31
Uninsured by Race 1.8 x higher
for people
of color
2 x higher
for people
of color
21
Uninsured by Income 3.4 x higher
for poorest 20%
3.5 x higher
for poorest 20%
23
Uninsured by Gender 1.3 x higher
for men
1.2 x higher
for men
38
Uninsured Low-Income Children 8.1% 10.7% 21
Uninsured Low-Income Parents 28.0% 34.5% 19
Employer-Provided Insurance Coverage 55.0% 57.4% 36
Employee Share of Premium 30.2% 26.4% 38
Out-of-Pocket Medical Expenses 14.9% 16.2%
   

Policy Ratings

Policy Priorities
0.5 Access to Health Insurance
Additional Policies
Expanded COBRA Coverage — COBRA expansion for 15 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: 43 | Grade: D

Outcome Measure State Data US Data Rank
Early Childhood Education Enrollment 22.4% 28.2% 26
Math Proficiency - 8th Grade 23.9% 34.7% 45
Reading Proficiency - 8th Grade 27.0% 33.5% 39
High School Degree 84.2% 85.9% 40
Two-Year College Degree 29.6% 36.3% 44
Four-Year College Degree 23.6% 28.5% 43
Four-Year Degree by Race 1.3 x higher
for white adults
1.6 x higher
for white adults
10
Four-Year Degree by Income 6.2 x higher
for top 20%
4.6 x higher
for top 20%
47
Four-Year Degree by Gender 1.02 x higher
for women
1.01 x higher
for men
Average College Graduate Debt $20,703 $26,600 6
College Graduates with Debt 53% 66% 10
Student Loan Default Rate 15.9% 13.4% 44
   
Additional Policies
State-Funded Head Start — No state supplement
Quality of State Pre-K Programs — Established state program; $5,853 per child enrolled; 9 of 10 quality standards met
Kindergarten Standards — Half Day Kindergarten; separate standards; no certificates or training required for teachers
State Financial Aid for Postsecondary Education — $1,345 per student; 23% need-based
TANF-Funded Workforce Training — 0% of funds spent on training
WIA-Funded Workforce Training — 73% 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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