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Improve Washington's Corporation for Enterprise Development Scorecard Ranking

Supplemental Information

August 8, 2016 (click here)

Why is this a priority?

The Corporation for Enterprise Development (CFED) Scorecard Ranking in "Financial Assets & Income" reflects our state's efforts in creating pathways for financial security and opportunities for Washington citizens through asset building in order to help alleviate poverty in our state. This indicator consists of several sub-measures including: Income Poverty Rate; Liquid Asset Poverty Rate; Unbanked Households; Underbanked Households; Households with Savings Accounts; Consumers with Prime Credit; On-Time Payers; Access to Revolving Credit; and Bankruptcy Rates (per 1,000 people). When Washington residents have less debt, more in savings, are able to pay their bills on time, pay fewer fees for financial transactions and can obtain credit at lower interest rates - all results of asset building – our state’s residents will be able to live more secure, healthy lives, more of our youth will be able to attend college and more of our retirees will be able to live comfortably in retirement. As a result - our state is more likely to experience a stronger, more stable economy as a whole.

How are we doing?

Washington currently (2016) ranks 10th in the nation in the Financial Assets & Income Category. This is improved from a ranking of 18th in 2012, our baseline for reporting. Our goal is to be in the top 10 by 2017 - a goal we achieved this year. Because the ranking is dependent on activities in other states as well as general economic conditions, there are many factors which may impact Washington's ranking. The work DFI and our partners do in Washington to improve financial education for residents Pre-K to retirement helps increase the number of Washington households that are banked, and households with saving accounts while reducing the amount of household debt and bankruptcy rates.

What are we working on?
  • Expand Financial Education Public Private Partnership (FEPPP) teacher training (tools to teach financial education in classrooms) integrated with existing curricula. DFI has an Interagency Agreement with the Office of the Superintendent of Public Instruction (OSPI) and the FEPPP to train teachers and conduct a pilot district in Washington that will implement financial education at each grade level.
  • Continue Heritage University financial education outreach and summer financial education camp enrollees in Yakima Valley for Hispanic and Native American communities. DFI is providing financial support to have two summer camps each year with 60 students per camp. This camp targets at risk middle school students and focuses on financial education and STEM using various tools and programs.
  • Support implementation of recent legislation furthering the goal of making a financial education course or courses available to all districts that affords all high school students the opportunity to complete a financial education course or courses.
How can you help?

Additional Reports 

CFED Scorecard Drill Down Report