The Understated Epidemic of Poverty
For years, the poverty level has been measured based on a family’s income as compared to a national annual income amount predetermined by the U.S. government. If an individual or family fell below that amount, they were considered to be living in poverty. Unfortunately, the poverty line does not seem to be representative of just how widespread financial fragility really is.
In 2015, the U.S. Census Bureau reported that 14.8% of the U.S. population lived in poverty, yet a study conducted by the FINRA Foundation found that 50% of Americans had difficulty covering their monthly expenses. Whether from lack of income or lack of financial understanding, the U.S. population is suffering. Financial education and a living minimum wage are crucial to a sound financial future for all Americans.