February 15, 2011 — A new study by demographers at the University of Virginia’s Weldon Cooper Center for Public Service finds that many Virginia families are economically at risk.

Using data from the U.S. Census Bureau’s American Community Survey and the Federal Reserve Board’s Survey of Consumer Finances, the study calculated household income and available assets and found that:

• Almost one-quarter of Virginia households earn less than the amount needed to meet basic monthly expenses on their own; and,
• Slightly more than one-quarter of Virginia households do not have enough cash assets (savings, retirement accounts) to protect them from financial ruin in case of emergencies such as health problems, divorce or job losses.

“Economic security for Virginia households is essential to the economic vitality of the commonwealth,” said Qian Cai, director of the Demographics & Workforce Group that produced the study. “When households are secure financially, they have better educational, health and employment outcomes, and are less likely to rely on social services or to default on debt or mortgages.”

 

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