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Report: Arizonans one crisis away from financial disaster

PHOENIX — A new survey said that Arizona is one of the worst states in the country when it comes to financial security.

The news isn’t good.

“45.7 percent of Arizona households are in a persistent state of financial insecurity,” said Cynthia Zwick, the Director of the Arizona Community Action Association. “They really have barely enough financial resources to get by in the event of an emergency.”

A new survey by the Corporation for Enterprise Development also ranks Arizona 39th among the 50 states when it comes to the financial security of residents.

Zwick said there are a couple of reasons why.

“Arizona really has not come back from the recession. We are still seeing a really high unemployment rate,” said Zwick. “We are not investing in safety net programs in this state that support families through a crisis.”

Zwick noted that preventing predatory lending like auto title loans and raising the minimum wage to between 10 and 14 dollars an hour could help families start to succeed in Arizona.