Eileen Ambrose of the Baltimore Sun knows that sometimes it helps to share your goals and setbacks with others in similar straits. She featured MD CASH’s financial coaching program in a post written May 23rd, 2013 on her consumer blog.
Maryland is known as one of the wealthiest states, however according to a recent study, most Marylanders won’t have the money to help themselves out of a financial emergency.
More than one in three Marylanders are living on the edge of financial disaster with almost no savings to fall back on in the event of a job loss, health crisis or other emergency, according to an annual report released by the Corporation for Enterprise Development (CFED).
The Assets & Opportunity Scorecard reveals insight into Americans’ ability to save and build wealth, fend off poverty and create a more prosperous future. The report also offers findings on how Americans in all 50 states are doing financially, and highlights policies that are helping Americans build in financial assets, income, businesses, jobs, housing, homeownership, health care and education.
Maryland CASH Campaign Director Robin McKinney told WBAL Radio that she and her colleague annually use the study to help many Marylanders who have excessive debt, past due financial liabilities, and hardly any personal savings.
Representatives of LifeStyles of Maryland and some of its community partners clued U.S. Rep. Steny H. Hoyer in on the harmful effects of federal budget cuts, also known as sequestration, at a meeting at the La Plata nonprofit Monday. LifeStyles provides services and programs to support the needs of the community, with emphasis on serving the homeless.
Hoyer (D-Md., 5th) said that when folks in Washington talk about cutting funds by certain percentages, they are only seeing numbers. He said it was important for him to listen to whom the cuts would affect, and it was important for those people to make their cases known in Washington.
Hoyer said his colleagues need to put faces to the numbers.
Sandy Washington, executive director of LifeStyles, said that in talking about cuts, Hoyer spoke of large amounts of money. “When you look at it locally, we get a small portion of that anyway,” she said.Washington said LifeStyles receives a $30,000 emergency solutions grant, which is spread across numerous programs. Cutting from that already small figure, she said, makes it much more difficult to help people.Washington said in a later interview that she wasn’t certain exactly how much federal funding would be cut next year.
Robin McKinney, director of the Maryland CASH campaign — Creating Assets, Savings and Hope for Maryland’s Working Families — spoke about how federal cuts could affect those who are working to help organizations like LifeStyles.
“When you are taking what isn’t enough and reducing it, then it’s not meat, it’s not fat anymore. You are really down to the bone. … This money isn’t going to frivolous purposes. We are getting value out of every single penny,” she said.