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Ohio in the bottom third in terms of financial stability

When compared to other U.S. states, Ohio falls in the lower third in terms of its citizens' financial stability. More specifically, Ohio ranks 36 out of 51 on a list that includes the District of Colombia. Last year, Ohio was 35th. Two of the key areas that Ohio performed badly in were its income poverty rates and bankruptcy rates.

To determine poverty rates, the study looked at the percentage of Ohio households that had savings amounting to less than three months' worth of poverty-level wages, which came to less than approximately $6,000. In addition, Ohio showed a higher percentage of jobs falling in the low wage category. The state also had a low number of small businesses with under four or less employees and micro-enterprises. Furthermore, Ohio's business creation rate was close to the bottom in terms of national averages.

As for the state's bankruptcy rates, Ohio is averaging 3.3 bankruptcies for every 1,000 residents. This is higher than the national average of 2.9 out of 1,000. The higher bankruptcy level in Ohio could be due to the fact that our state suffered badly from the foreclosure crisis, and bankruptcy is a common strategy for halting foreclosures.

The fact is, Ohio residents suffering from debt problems and financial troubles are not alone. Falling in the lower third financially, it's easy to see that money troubles are prevalent throughout our state. Fortunately, some Ohio citizens can resolve their financial woes through the bankruptcy process. By discussing their financial situations with a qualified bankruptcy attorney, people facing debt problems can determine which bankruptcy strategies are suitable for their needs.

Source: cleveland.com, "Ohio ranks in bottom third nationally for financial stability of residents: CFED Scorecard," Jan. 25, 2016

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