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In Minnesota, the average cost for a family of four to live is approximately $58,000 every year. If both parents worked, they would have to earn an average of $14.03 an hour. The concerning statistic is that 39% of jobs in Minnesota pay less than this.
Almost a quarter of Minnesota families cannot meet their basic needs because they don’t earn enough. These families rack up debt, max out a line of credit and can sometimes be in situations where their house is foreclosed.
If poverty exists, there’s a problem nation’s and leaders need to address. There is no acceptable percentage of poverty, hunger, and homelessness. If people suffer, there should be help available.
Poverty has an impact on everyone and hurts the economy. It is estimated that children who live in poverty cost Minnesota around $5 billion each year. These costs are derived from the direct costs of housing, increase in healthcare costs, criminal justice requirements and lost productivity.
Where does Minnesota stack up against the rest of the population? Overall, the state is actually below the national average and is low in comparison to other states. However, Minnesota’s poverty stats stand out when looking at minorities.
In 2000, the Food Stamp Program lifted half a million children out of poverty. In 2008, social security kept 19.8 million Americans out of poverty (1.1 million of those were children). Minnesota account for almost a quarter of a million of those people.
Despite the help from government, socially responsibly businesses, non profits and many more, people are still suffering. Making less than the required hourly wage to survive means that living paycheck to paycheck, without any savings, is tight. Sometimes bills pile up, an unexpected expenses occurs or a medical bill hits an individual.
When that happens, there’s not often many options to turn to. Banks won’t lend to these people because of their credit history and most other lenders look at income. Loans from pay day lenders in Minnesota are often a last resort but will provide the money needed to get by.
Suffering from poverty causes stress. Relieve stress when banks deny an application by going to http://paydayloansminnesota.org/
Stats sourced from the US Census Bureau, Center on Budget and Policy Priorities and Internal Rev Service.
Release ID: 65506