February 21, 2016

Tom Sirois on Financial Stability

Tom Sirois

Financial Stability

"As the westernmost county in Massachusetts, the Berkshires comprise about 12% of the state’s landmass but only 2% of the population. As such, it is the 2nd most rural county in the state. The 32 towns have a total population of 130,000, which is predominantly white, has a small but growing Hispanic population (3.7% reported, but anecdotally estimated to be much higher), and 3% African-American. The population also tends to be older than statewide: 19% of Berkshire residents are over 65 compared to an average of 14% statewide (US Census). Of those who are 65 and older, 57% are considered poor or low income compared to 42% statewide (MA CHIP)" - Community Health Programs

 Most of the jobs in and around the Berkshires of Massachusetts are seasonal temporary work. This means when the season ends, so do the paychecks and sources of income for many blue collar working families.

Most of the seasonal jobs available to the citizens of this area are low income as is, which further contributes to the depression of the state average wage. 29% of this depression stems from this problem.

24 percent, this is how much lower wages are in this area versus the rest of the state of Massachusetts, contributing to a higher poverty rate than the majority of the state.

The cost of living is 126 percent higher than the surrounding areas, and this further contributes to the economical state in which the residents live.

This is why financial stability has never been more important.

You can turn these negatives into positives and stability for your household and way of life with the simple guidance and tools that Berkshire Hills Financial can give you.

Take advantage of our services to ensure you come out of your seasonal job with a comfortable cushion of savings, investments, and security.

Tom Sirois
 Berkshire Hills Financial
314 Main St #21, Great Barrington, MA 01230
(844) 861-7292