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Crittenton Women’s Union board welcomes BNY Mellon executive Foley

 
FOR IMMEDIATE RELEASE: March 24, 2010
 
CONTACT: Stephanie Nichols
Ofc: 617-259-2946; Cell: 617-365-5931

snichols@liveworkthrive.org

BOSTON—Crittenton Women's Union (CWU), a Boston-based nonprofit innovator in breaking the cycle of poverty, has elected Eileen Foley, managing director for BNY Mellon Wealth Management, to its board of directors.

“Eileen will be a tremendous asset to CWU,” said Pamela A. Murray, CWU chair and principal, Bessemer Trust Company. “She brings 20 years of experience in sales and marketing in an extremely competitive business environment. Eileen's talents and knowledge in this area will be invaluable in helping CWU introduce new programs to low-income women striving to become economically self-sufficient.”

Foley, who joined BNY Mellon in 2006 and is responsible for all new U.S. business activity for the firm's Family Office Services Group, was voted unanimously to the CWU board at its December meeting.

Prior to her current position, Foley was a partner and director of sales and marketing for Lee Munder Capital Group, an investment boutique serving institutions and family offices. Previously, she was a principal at State Street Global Advisors, where she oversaw the development and implementation of marketing and the sales of investment strategies targeted to the family office market.

Currently co-chair of the BNY Mellon New England Region Women's Initiative Network, Foley was listed among the top 20 U.S. Women in Wealth Professional by Global Investor Magazine in 2007. Foley received her bachelor's degree from Boston College.

About Crittenton Women's Union

Crittenton Women's Union, a Boston-based nonprofit innovator in breaking the cycle of poverty, combines direct service programs, independent research and public policy advocacy in its mission to help low-income women achieve economic self-sufficiency. Each year CWU helps more than 1,500 people through its mobility mentoring, education, and workforce development programs. For more information, visit http://www.liveworkthrive.org/.

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MA costs of living for single parent with two children

HIT $61,618 A YEAR

Companion study finds just 11 “Hot Jobs” in state
for middle-skilled workers

FOR IMMEDIATE RELEASE
March 8, 2010
 
Download PDF
 
Stephanie Nichols. Director of Marketing and Communications
Ofc: 617-259-2946; Cell: 617-365-5931; snichols@liveworkthrive.org
 

BOSTON—Crittenton Women's Union (CWU), a Boston-based nonprofit innovator in breaking the cycle of poverty, released today the Massachusetts Economic Independence Index (Mass. Index), which reveals a single parent with two children needs an annual income of $61,618 in Massachusetts just to get by. Its companion report, “Hot Jobs 2010,” also released today, identifies just 11 hot jobs—occupations requiring two years or less of higher education that pay at the Mass. Index level and have more than a 100 vacancies statewide—down from 26 three years ago.

“The figures we're releasing today are sobering," said Elisabeth D. Babcock, CWU president/CEO. “Essential living costs have continued to escalate in the state, when at the same time median incomes here are now lower than in 2002. And it's worse for those at the bottom twenty-five percent of the economic ladder, who have not only seen their earnings drop by seven percent in the past twenty years, but have fewer and fewer job opportunities that will gain them a foothold in the middle class.”

Crittenton Women's Union produces a real cost-of-living budget and a Hot Jobs report every three years as essential tools in its work to help low-income women and their families become economically self-sufficient. This data helps low-income women determine what career choices pay enough to support a family, are attainable, and offer the most long-term opportunity.

Massachusetts Economic Independence Index 2010 (Mass. Index)

The Mass. Index measures how much income various family types across the Commonwealth require to meet their most basic expenses—housing, utilities, food, basic transportation, child care, health care, clothing, essential personal and household items, and taxes—without public or private assistance. The Mass. Index is calculated at the state and county levels and for the City of Boston.

For example, according to the Mass. Index, the statewide average income necessary for a household with one adult, one preschooler and one school-age child to meet essential living expenses is $61,618 ($29.01 per hour)—approximately three and one-half times the federal poverty level of $18,310. In Boston, this family would require an annual income of $62,421; in Norfolk County, the state's most expensive area, the family would require $68,021 year; in Franklin, the least expensive county, $48,874. And no matter where a single adult working full time lives in Massachusetts, he or she needs an income of $27,084—60% higher than the state's minimum wage—to be economically self-sufficient. (For a full listing by county, see end of release.) The online Mass. Index calculator at http://www.liveworkthrive.org/ allows users to enter their specific family size and city/town of residence to calculate their Mass. Index income.

Child care is the largest expense for a single-parent family with a preschooler and a school-age child, taking up 31% of the family budget, followed by housing and utilities, which take up 22% combined.

“The Mass. Index is a bare bones budget that calculates how much income people need to break even without help from family or friends or government supports,” said Babcock. “In this budget, there's no money left over for any kind of savings—not for emergency reserves in case you lose your job or your car breaks down or you face a major illness.”

“Hot Jobs 2010”

CWU's “Hot Jobs 2010” report defines Hot Jobs as careers that require two years or less of post-secondary education, meet the Mass. Index income level for a single-parent family with two children, and currently post high vacancy rates. “Hot Jobs 2010” identifies just 11 jobs in Massachusetts that meet the criteria, down from 26 in 2007 when CWU last published its Hot Jobs report.

“While it is difficult to talk about Hot Jobs in a struggling economy, it is also a very important time to evaluate the labor market,” said Deborah C. Youngblood, CWU's vice president of research and innovation. “Those hit hardest during a period of rising unemployment and diminishing vacancy rates are the economically most vulnerable. With a drop from 26 to 11 Hot Jobs in three years, our report clearly demonstrates there are now fewer routes out of poverty. This makes it all the more critical to identify those job opportunities that do exist.”

Each Hot Job listed pays a Mass. Index wage at the 75th percentile of the job's wage range (meaning 75% of people are paid at or below the represented wage) and has a vacancy rate of 100 openings or more. (See full listing at end of release.) The complete “Hot Jobs 2010” report is available online at www.liveworkthrive.org.

“Hot Jobs” key findings

  • The 11 Hot Jobs' occupational categories are computer and data systems, health care, office and administrative support, protective services, and sales.
  • The number of occupations that met the Hot Jobs criteria dropped from 26 in 2007 to 11 in 2010. This is likely due to the combined effect of the recession, rising costs of living, stagnant wages, increased workplace specialization, and increased demand for post-secondary education and training.
  • Nine out of 11 jobs in “Hot Jobs 2010” were on the 2007 list, suggesting these were particularly recession-resilient. (See asterisked entries in listing at end of release.)
  • Two out of 11 jobs listed in 2010 required only a high school diploma (correctional officers and supervisors of administrative workers); in contrast 16 out of 26 listed in 2007 required no post-secondary education.
  • The majority of the 2007 jobs that fell off the list did so because of low vacancy rates, most likely a result of the recession. Some though no longer met the wage criteria and in a few cases had both low vacancy rates and wages below the Mass. Index.
  • Of the nine jobs included in both the 2007 and 2010 reports, eight have a significantly lower number of vacancies than in the prior report. Registered nurses experienced a 50% reduction in vacancies as compared to 2007.

“This report clearly illustrates that the Massachusetts economy is becoming increasingly knowledge-based,” Youngblood said. “Yet nearly half of Massachusetts 3.2 million workers do not have an associate's degree. This makes it more critical than ever that we work to provide access to higher education for low-income working adults.”

MASSACHUSETTS ECONOMIC INDEPENDENCE INDEX 2010

Massachusetts Economic Independence 2010

by Geographic Area with Representative Family Types

1 Adult,

2 Workers,

Jurisdiction

1 Adult

1 Preschooler, 1 School-age

1 Preschooler, 1 School-age

Massachusetts

$27,084

$61,618

$68,751

Barnstable County

$24,696

$58,012

$64,490

Berkshire County

$20,217

$49,212

$55,866

Bristol County

$23,753

$54,037

$60,731

City of Boston

$28,717

$62,421

$68,235

Dukes County

$29,802

$62,189

$68,632

Essex County

$28,361

$63,921

$70,858

Franklin County

$19,991

$48,874

$55,286

Hampden County

$20,272

$49,673

$56,347

Hampshire County

$20,034

$49,388

$55,808

Middlesex County

$29,635

$67,783

$75,111

Nantucket County

$36,089

$67,417

$73,731

Norfolk County

$30,203

$68,021

$75,347

Plymouth County

$29,178

$63,164

$70,693

Suffolk County

$30,750

$64,922

$72,673

Worcester County

$21,358

$54,859

$61,473

©Crittenton Women's Union 2010

CWU publishes a real cost-of-living budget tool every three years. In 2009 CWU contracted with Wider Opportunities for Women to develop the Mass. Index. The Mass. Index uses a revised methodology and replaces the Family Economic Self-Sufficiency Standard, published in 1998, 2003 and 2006.

HOT JOBS 2010

Hot Jobs

Vacancies

Wage 75th

Percentile

Education/Training Required

Computers and Data Systems

Computer Support Specialists*

194

$70,180

AA

Computer Programmers

132

$100,160

AA or BA

Network Systems and Data Communications

108

$98,000

AA or BA

Health Care

Registered Nurses *

2479

$97,160

AA or BA

Radiologic Technologists and Technicians*

140

$78,750

AA

Diagnostic Medical Sonographers*

104

$84,210

AA

Dental Hygienists*

117

$85,550

AA

Office and Administrative Support

First-line Supervisors/

Managers of Office and Administrative Support Workers*

101

$63,880

On-the-job training, work experience in a related field

Protective Services

Correctional Officers and Jailers*

164

$62,290

AA or on-the-job training

Sales

Sales Representatives, Wholesale and Manufacturing (except technical and scientific)*

127

$84,160

AA or BA

Sales Representatives, Wholesale and Manufacturing, (technical and scientific)*

296

$113,680

AA or BA

©Crittenton Women's Union

*These jobs also appeared on the 2007 Hot Jobs list as well, suggesting they are particularly recession-resilient.

About Crittenton Women's Union

Crittenton Women's Union, a Boston-based nonprofit innovator in breaking the cycle of poverty, uniquely combines direct service programs, independent research and public advocacy in its mission to help low-income women and their families achieve economic self-sufficiency. Each year CWU helps more than 1,500 people through its mobility mentoring, housing, education, and workforce development programs. For more information, visit http://www.liveworkthrive.org/.

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