The cost of living is making it hard to save
Only 44% of Connecticut residents have a rainy day fund to cover their expenses for three months if they have an emergency, lose their job, or get sick. A family of four with two young children will spend an average of $2,188 a month on child care, and 40% of low-income renters are spending more than 30% of their monthly pay on rent and utilities.
The poverty level isn’t the full picture
About 10% of people in Connecticut fall below the poverty line, but 40% of Connecticut adults are struggling to make ends meet, and food and housing insecurity are on the rise.
Affordability is an issue
A single adult will spend an estimated $3,262 a month on essential needs like housing, utilities, transportation, and food. That means they need to make at least $39,141 a year to meet their “survival budget.” A family of four will spend $10,501 a month on necessities, including child care, requiring them to make at least $126,018 a year to meet their survival budget. That’s increased by 18.2% from 2021.
When someone tells you about their debt cancellation, you can hear the emotional release in that moment. You can feel
the heaviness leave and the excitement and the opportunity build ... I don’t think I’ve ever worked with a funder so closely in terms of getting things done, and The Connecticut Project had the ability to roll up their sleeves and do it.
- Cristher Estrada-Perez, Executive Director, Student Loan Fund
More than 5,000 people (so far) have started their journeys to claiming an earned income tax credit.
Our public service loan forgiveness coalition efforts led to $50 to $75 million in debt forgiveness.
Connecticut achieved the 7th highest rate of public service debt cancellation in the country.
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