February 11, 2016
It’s tough these days for low income families to set aside money, but a new policy brief from the Annie E. Casey Foundation is urging government leaders to make saving for the future, easier.
Beadsie Woo with the Casey Foundation says the federal government needs to develop programs that help families start saving.
The policy brief suggests programs such as establishing and “seed-funding” savings accounts when children are born or making it easier for employers to provide workplace savings plans.
Woo says minorities have a particularly difficult time saving for the future.
She says programs such as Temporary Assistance for Needy Families often cut people off if they have too much in savings. In Texas, for example, the asset limit is just one thousand dollars. Woo says the limit should be at least $12-thousand dollars – about a three-month cushion for a low income family.
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