Lynne Liberato in the Houston Chronicle: United Way Initiative Helping Families Thrive Financially

03/26/2014


Despite Houston's healthy economy, too many hardworking families here live on the fragile financial edge, where a broken water heater or bad case of the flu can spell economic disaster. One in three families lives on an annual income of $40,000 or less; while $47,000 annually is considered the minimum needed to cover basic expenses for a family of four.

Adding to the problem is the alarming number of unbanked families. According to the Federal Deposit Insurance Corp., Houston ranks as the nation's sixth-most unbanked major metropolitan city, with 11.9 percent of households lacking access to a bank account.

Imagine how hard it is to build savings and accrue assets without a bank account.

Excerpted from the Houston Chronicle, March 26, 2014. To view full article, click here.

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