Too many Minnesotans have too few assets to enable them to get ahead.

As the Wall Street Journal has reported, nearly half of Americans are “financially fragile,” meaning they would be unable to come up with $2,000 in 30 days to cover the cost of an unanticipated major car repair, a large copayment on a medical expense, legal expenses, or a home repair. An estimated 1.5 million Minnesotans are unable to meet basic needs for three months if a bump in the financial road—like a job loss or a health crisis—causes a sudden and unexpected reduction in income.

On top of that, Prosperity Now ranked Minnesota 45th in the nation on its 2020 scorecard for racial disparities related to assets and wealth. On average, white households have higher income, homeownership rates, emergency savings, and business value than households of color.