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Treasurer report states while Massachusetts has top median income in the country, the rich are getting richer and the poor are getting poorer
BOSTON – Treasurer Deborah Goldberg’s Office of Economic Empowerment has released the 2026 Massachusetts Financial Wellbeing Scorecard, a new report offering a comprehensive look at the financial health of residents across the state. The Scorecard provides an overview of key trends and challenges shaping economic wellbeing in Massachusetts.
“Our state is home to a lot of wealth, but our economy still isn’t working equally for everyone,” said Treasurer Goldberg, who founded the Office of Economic Empowerment in 2015. “This Scorecard highlights the challenges many residents face and our ongoing commitment to expand economic stability, opportunity, and security for people across Massachusetts.”
The Scorecard draws on multiple surveys and research studies, including an online survey administered by OEE capturing insights into the experiences of residents. The report shows that while Massachusetts has the highest median income of any U.S. state, many residents do not share in that prosperity. Income gaps and unequal access to wealth-building opportunities continue to drive gender and racial disparities.
Across Massachusetts, many households are feeling significant financial strain from high daily living expenses and housing costs, as highlighted in the Scorecard. Nearly half of renters are considered “cost burdened,” spending more than 30% of their monthly income on housing” (Boston Indicators, 2025). At the same time, a majority of residents report having no access to financial education. (NFCS, 2025).
“For over a decade, the Office of Economic Empowerment has provided tools and resources to help Massachusetts residents of all ages make informed financial decisions,” said Alayna Van Tassel, Executive Director of the Office of Economic Empowerment. “The Scorecard offers valuable insight into how we can best serve residents moving forward.”
The report states that “Income inequality has grown significantly over the last several decades in the U.S. In 2023, the top 1% of earners had wages more than 18 times that of the bottom 90%, which equates to $794,129 compared with $43,035 respectively (Economic Policy Insti
tute, 2024).
“As a state with a high median income, Massachusetts also consistently ranks among the top states for income inequality. Between 2009 and 2015, the top 1% of earners in Massachusetts received 58% of all income growth (Boston Indicators, 2018). Income inequality is highest in Suffolk County (Federal Reserve Bank of St. Louis, 2024).
“Income inequality also affects how households manage their day-to-day spending. In 2024, about 57% of Massachusetts NFCS respondents reported spending more than or equal to their income over the past year (FINRA NFCS, 2025).
“In 2023, over 400,000 people (about 15%) in Massachusetts received cash public assistance or SNAP benefits, higher than the national average of 12.8%.”
OEE intends for the Financial Wellbeing Scorecard to serve as a resource for policymakers, organizations, and community leaders working to improve financial wellbeing across Massachusetts.
