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“Compared to 10 years ago, do you think Americans today have…”

“Compared to 10 years ago, do you think Americans today have…”. Source: Rockefeller Foundation American Worker Survey, February 2007. What is Economic Security?. Economic security concerns vulnerability to hardship-causing economic loss (i.e., facing risks without adequate protection)

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“Compared to 10 years ago, do you think Americans today have…”

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  1. “Compared to 10 years ago, do you think Americans today have…” Source: Rockefeller Foundation American Worker Survey, February 2007.

  2. What is Economic Security? Economic security concerns vulnerability to hardship-causing economic loss (i.e., facing risks without adequate protection) Clearly has a psychological component, but our aspiration was to measure it objectively (as in, e.g., poverty or unemployment)

  3. Would you prefer “the stability of knowing your present sources of income are protected” or “the opportunity to make more money”? MORE MONEY INCOME SECURITY Source: George Washington University Battleground Survey, March 24, 2005.

  4. What is the ESI? Share of population whose “available household income”—resources available after medical out-of-pocket (MOOP) spending and debt service—declines at least 25% from prior year Available income is adjusted for inflation & household size and includes all private and government income sources ESI does not count as insecure those with enough liquid wealth to compensate for the loss until typical recovery to pre-drop income; also excludes those entering retirement

  5. 3 Key Elements Year-to-Year Income Drops Year-to-Year Medical Out-Of-Pocket (MOOP) Spending Increases Lack of “Financial Safety Net”

  6. How Long Can Household Go Without Income Before Hardship Sets In?

  7. Share of Population Experiencing 25% or Greater Decline in Available Household Income without an Adequate Financial Safety Net, 1986-2010

  8. Share of Population Experiencing 25% or Greater Decline in Available Household Income without an Adequate Financial Safety Net, 1986-2010

  9. Share spending more than 10% of income on medical costs

  10. FUTURE REPORTS • Insecurity across the Nation: New State-by-State Results from the Economic Security Index • American’s Evolving Views of Economic Security: Results from a New Survey • American Economic Security in Cross-National Perspective • Catch My Fall: The Role of Government Policy in Reducing Economic Insecurity • The Causes, Severity, and Persistence of Family Income Losses

  11. economicsecurityindex.org

  12. Supplemental Slides

  13. Source: MetLife American Dream Survey, November 2006.

  14. Retirement Risk IndexPercentage of Working-Age Households at Risk of Falling Short of Pre-Retirement Standard of Living in Retirement Source: Boston College Center for Retirement Research. * Projected

  15. Share of Population Experiencing 25% or Greater Decline in Available Household Income without an Adequate Financial Safety Net, 1985-2009 Trend (1985-2007)

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