La. gets ‘D’ on income, ‘F’ on education in new survey

A national survey ranks Louisiana 36th in the nation in financial security and gives the state an “F” grade in education. The 2012 Assets & Opportunity Scorecard, conducted by the nonprofit Corporation for Enterprise Development, considered 52 measures in five different categories: financial assets and income; businesses and jobs; housing and homeownership; health care; and education. In Louisiana, 23.6% of households are “asset poor,” meaning they have little or no financial cushion to rely on if unemployment or another emergency leads to a loss of income. Louisiana earns a “D” in financial assets and income. The state ranks 47th in income poverty rate and consumers with subprime credit. Louisiana also has a high number of un-banked and under-banked residents (ranking 39th and 45th, respectively). Louisiana’s “F” grade in education is the result of poor rankings in high school degrees (47th), two-year college degrees (49th) and four-year college degrees (47th). The state also ranks 47th and 48th in eighth-grade math proficiency and reading proficiency, respectively. In health care, the state ranks 38th in uninsured rate and 44th in uninsured low-income parents. The scorecard offers policy recommendations to address the problems, including an increase to the Earned Income Tax Credit; reinstatement of funding for the state Individual Development Account program; and a prohibition or cap on payday and installment loans. The group urges funding for K-12 education among high-poverty school districts, closing teacher licensure loopholes and expanding college savings incentives. To read an analysis of the survey’s key findings, click here.