State ranks high for health care and financial assets

Hawaii received an A grade from the Corporation for Enterprise Development and ranks high compared to other states in health care and financial assets. However, the state needs improvement when it comes to high housing costs, according to a new report.

On Sept. 21, the CFED released its 2009-2010 Assets & Opportunity Scorecard. The financial security scorecard provides a comprehensive comparison of states on wealth, poverty and financial security of families with key policy and outcome information for each state. The Scorecard provides Hawaii with important data for our state on the financial security of families and communities and Hawaii Alliance for Community-Based Economic Development is a state partner in this effort.

Hawaii received stellar grades for its economic stability; however, according to HACBED, “our families struggle with high costs of housing while earning the lowest average annual pay in the nation. We must do more to support families building assets and financial security especially during these tough economic times.”

CFED’s scorecard measures the financial security of families in the U.S. in five areas: financial assets and income; business and jobs; housing and homeownership; health care and education. The report gave Hawaii an “A” overall, and “A’s” in all but one area — housing and home ownership — where it received a “B.” Hawaii ranks 48th in homeownership and 47th for its housing cost burdens for both renters and owners.

The report said the state should address its low homeownership rate and high housing costs by providing assistance to first-time homebuyers. “Hawaii ranks high in health care and business, yet struggles with low‐paying jobs and significant housing costs. We need to do more to help families build assets and financial security,” said Robert Agres Jr., HACBED executive director.

Hawaii ranked 1st for net worth, 2nd for bankruptcy and 8th in unemployment. The state also led the nation for its health insurance coverage. In Hawaii, 89 percent of employers offer health care benefits to their employees. Hawaii was second for its uninsured rate.

Other top performers receiving an “A” overall were Iowa, Kansas, Maine, Massachusetts, Minnesota, New Hampshire, Vermont, Washington and Wyoming. CFED is a Washington, D.C.-based national nonprofit organization dedicated to expanding economic opportunity.

To view the Hawaii profile and CFED’s recommendations for our state visit http://www.scorecard.cfed.org/downloads/pdfs/profiles/hawaii.pdf or http://www.scorecard.cfed.org/state_data/hawaii.php, or to see other profiles visit the CFED Scorecard homepage at http://scorecard.cfed.org.