Maine ranks ninth in assets and opportunity

STATE — Maine ranked higher than many other states in the financial stability of its citizens, according to the annual Asset and Opportunity Scorecard released by the Corporation for Enterprise Development.

The scorecard is a comprehensive look at the ability of Americans to save and build wealth, fend off poverty and create a more prosperous future.

The state ranked ninth in the country, based on scores from five criteria –  financial assets and income, businesses and jobs, housing and home ownership, health care and education.

Maine ranked a "B" in all the areas but health care, where it received an "A" rating, particularly because its high rate of insured, the report notes.

Maine ranks fifth nationwide in the rate of home ownership, private loans to small business and the business creation rate.

The report also shows only 2.6 percent of households, are unbanked, meaning they rely on costly financial services like check-cashers, payday-lenders and pawn shops for basic credit and transaction needs.

Joan Churchill, director of resource development at Community Concepts, says the ranking is welcome news.

"You always read such negative things about Maine, to see Maine ranking ninth with assets and opportunity was profound for me," she says.

"Sometimes we tend to see all the negatives and don't realize the resilience of the people."

Other New England states were also highly ranked – New Hampshire came in third and Massachusetts came in tenth – CEFD ranked Vermont first in the country.

Despite the high overall score, the report notes that Maine still confronts stiff challenges.

It notes that 24 percent, or one-in-four Maine households are "asset poor," meaning they have little or no financial cushion to rely on in the event of unemployment or an emergency that leads to a loss of income.

The "liquid asset poverty rate," which excludes family assets like a home or car, is even higher in Maine – 48 percent.

According to CFED, Maine stands below the national asset poverty rate – 27 percent – but the liquid asset poverty rate is 5 percent higher than the national average.

The report also notes that Maine ranks 48 in average annual pay – $38,452 compared to the national average, $46,751.

The state also ranked poorly – 49 – for average college debt. According to the report, Maine students had an average debt of nearly $30,000, compared to the $25,250 national average.