Conferees to look at family economy
By Deborah Adamson
Advertiser Staff Writer
Even with the state's recent economic growth, one in four Hawai'i families is living nearly paycheck to paycheck, according to the Hawai'i Alliance for Community-Based Economic Development.
The nonprofit organization says a quarter of the state's families could survive — live at the poverty level — for only three months if they had no income. Most financial planners advise families to keep at least enough savings on hand to survive for six months without a job.
In addition to a lack of savings, many Hawai'i families are burdened with debt. One in nearly five households owes as much as or more than it owns. That's the fourth worst showing in the nation.
Slightly more than half of Hawai'i families own their homes — the second lowest rate in the country.
Such sobering statistics set the backdrop for HACBED's three-day conference, starting tonight, on wealth and poverty.
"It will bring attention to the fact that as the economy turns the corner, are families benefiting from that?" said Bob Agres, executive director of the organization.
The conference will explore the issue of how low-income families can accumulate assets to promote financial security, serve as a cushion in tough economic times and provide capital for other opportunities — such as starting a business.
Assets that families should build include home equity, savings, stocks, bonds and business ownership, according to HACBED.
While the state focuses on boosting home ownership, these efforts rarely have been linked to other asset-building programs, according to the nonprofit.
The conference, which will bring together more than 80 experts on asset building, hopes to shed light on these pressing issues. Workshops will help attendees — most of them from nonprofits and government — understand the importance of building wealth to pass on to the Hawai'i families they serve.
For more information, call HACBED at 479-0005.
Reach Deborah Adamson at dadamson@honoluluadvertiser.com or 525-8088.
