The document summarizes the goals and work of the Illinois Asset Building Group (IABG) to promote asset building and financial stability. IABG works to increase savings, homeownership, small business ownership, and financial literacy. It discusses the difference between income poverty and asset poverty and provides data on asset poverty rates in Illinois. The document also outlines IABG's support for children's savings accounts, payday loan reform, and expanding the Earned Income Tax Credit to help build assets among low-income residents.
5. The Illinois Asset Poverty Index (IAPI) provides data on asset poverty for counties and county groupings across Illinois. Developed with help from our partner organization in California, the IAPI enables Illinois residents to ascertain asset poverty rates for the communities in which they live. Illinois Asset Poverty Index
6. IAPI County Clusters Asset Poverty in Cook County To view IAPI data for all of Illinois go to: http://www.illinoisassetbuilding.org/data/assetpoverty/ 39.7% 15.4% 0.2% Native 27.6% 9.3% 5.6% Asian 49.5% 15.8% 14.8% Latino 48.9% 20.5% 15.9% Black 19.4% 5.3% 63.6% White Race 64.4% 18.0% 42.0% Renters 3.6% 3.5% 58.0% Homeowners Housing Tenure 29.2% 9.6% 1,160,152 Total Asset Poverty Income Poverty Demographics Category
7. IAPI County Clusters Asset Poverty in Cook County To view IAPI data for all of Illinois go to: http://www.illinoisassetbuilding.org/data/assetpoverty/ 50.9% 21.5% 14.5% Single, children at home 36.6% 12.0% 35.8% Single, no children at home 18.2% 5.0% 34.6% Married, children at home 15.7% 2.9% 15.1% Married, no children at home Family Composition 16.2% 8.4% 16.7% Over 55 20.8% 7.2% 25.0% 45-54 27.7% 9.0% 28.4% 35-44 44.8% 12.8% 30.0% Under 35 Age Asset Poverty Income Poverty Demographics Category
8. IL Household Net Worth 15.4% of all Illinois households have zero or negative net worth, meaning they may owe more than they own. Median Net Worth of Illinois Households by Race in 2004 White – $128,444 Minority – $12,100 Illinois asset poverty has increased 6.4% since 2004
9. Education as an Asset As an asset, education has a cumulative life-long impact in the form of higher annual incomes and more money to put away into savings or investments such as a home. Illinois Educational Attainment, 2006 $60,695 10.8% Graduate or professional degree $47,484 18.1% Bachelor’s degree $33,383 27.3% Some college or associate’s degree $27,048 28.9% High school diploma $20,019 15.0% Less than a high school diploma Illinois Median Annual Earnings Percent of Adults age 25 and Over Highest Educational Level Attained
10. Ways to Help Build Assets Earned Income Tax Credit Children’s Savings Accounts Payday Loan Reform
![Illinois Asset Building Group ,[object Object],A diverse coalition working to build the strength and stability of families and communities. IABG began in 2004 to promote asset building as an innovative approach to eliminating poverty and creating opportunities for Illinois residents.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)