Dory Rand, president of the nonprofit Woodstock Institute in Chicago and who has worked on asset building strategies, suggests families do take two basic steps.

First, develop an emergency fund that will last at least three to six months. "If you lose your job or have a car repair bill or medical emergency, you don't have to go without or go into a high cost loan product," Rand said.

Second, set a goal to build assets. Buying a house, starting a business and getting additional training are some ways. "Make a plan to save a little of each check," Rand said.

This can be easier said than done.

"Wages haven't kept pace with inflation for many years," Rand said. "Many are in debt. Many are living paycheck to paycheck."

There are other challenges as well. Public policies don't always encourage people to save. Until recently, families applying for food stamps couldn't have more than $2,000 in assets.

Payday loans and consumer installment loans can also leave borrowers paying more in fees that the amount they borrowed.

Still, while saving can be tough, Rand says it's frequently possible, even with something as basic as a food budget.

"If families are making tough decisions and can choose between buying ice cream and putting $4 in a savings account, I'd rather see them put a few dollars in savings," Rand said.

Government also has important roles to play. One is consumer protection.

"The dozen or so (federal) agencies haven't exercised it well," Rand said. "We have high cost, high risk loan products (like) sub prime mortgages." MARK LAWTON