Florida Household Financial Stress: Half Face Difficulty, Minorities Disproportionately Impacted

Florida Household Financial Stress Half Face Difficulty, Minorities Disproportionately Impacted

MJP –

United Way data shows that while nearly half of Florida households have jobs, many are still struggling to pay the bills.

Research using data from the U.S. Census and the Federal Reserve revealed that out of 8.8 million households in the state, 4 million were living in poverty or couldn’t afford basic living expenses in 2022. A large portion of these homes did not qualify for public assistance.

Sixty percent of Black households and fifty-two percent of Latino households in Florida fell below what the United Way refers to as the ALICE barrier, which stands for asset-restricted, income-constrained, and employed. This is a crucial finding from the report that highlights the significant challenges faced by minority households.

Among those most likely to face difficulties are low-wage workers, including chefs, cashiers, and security guards.

Florida Household Financial Stress Half Face Difficulty, Minorities Disproportionately Impacted

Research has shown that the ALICE threshold has changed over the past many years, particularly in the wake of the pandemic:

In addition to health problems, job losses, and closed schools and businesses, the COVID-19 pandemic also caused a short increase in public aid as a result of pandemic relief programs, which were later reduced to pre-pandemic levels in 2022. While 3,639,583 Florida families fell below the ALICE Threshold in 2019, 4,056,220 did so in 2022.

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Findings from studies on typical household expenses show that between 2021 and 2022, the bare minimum for a single adult in Florida was $30,084, while for a family of four, it was $81,120, a rise of $66,324.

Per The Tampa Bay Times’ reporting, additional study findings include:

People in the state had a hard time affording necessities including food, transportation, and healthcare.
While median retail sales pay in Florida increased to $14.03 in 2022, most low-paying jobs witnessed a gain in wages. However, “wage increases… were not enough to make up for years of falling behind.”
Among the most expensive items was child care. “Provider shortages and lack of affordable care present fewer options for parents,” it says in the report.

Due to financial constraints, nearly half of the Black and Latino households in Florida were unable to afford health care.

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