Asset development normally refers to saving, or accumulation of wealth. The terms assets and wealth are often used interchangeably.
Assets can take many forms, ranging from money in checking accounts to investment portfolios.
Assets are a key factor in achieving economic self sufficiency, an essential part of the American value of putting aside resources to protect the family against financial disasters, and preparing children for education and future employment. Asset development is also necessary for the levels of aggregate investment needed in a healthy economy. Human capital is accumulated knowledge and skills obtained through education, training and work experience, and embodied in the population and workforce. It must accompany improvements in physical capital to increase productivity, wages, incomes and profits. In the next report in this series we will summarize state welfare program changes which impact specifically on human capital accumulation.