The wealth and finances of
employed low-income families

By May Luong

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The average wealth of low-income families with at least one employed family member ($60,000) is higher than that of low-income families without an employed family member ($3,000) but is significantly lower than that of non-low-income families with at least one employed family member ($389,200).

While 69% of employed low-income families carry debt compared to 44% of other low-income families, a large proportion is in the form of residential mortgages.

Compared to not-employed low-income families, a larger proportion of employed low-income families report that they are able to pay for unexpected expenses and are not falling behind on bill payments.

A larger proportion of employed low-income families are making retirement preparations and anticipate having more diverse sources of retirement income than not-employed low-income families.