The state's economy may be improving, but a new study says 75 percent of Michigan residents face stagnant or declining incomes.

Michigan First President Lou Glazer says in spite of the state's low unemployment rate, 40 percent of Michigan households do not have the finances to meet basic needs.

He says a college education is the most reliable path to a good-paying job.

However, the average annual in-state college tuition in Michigan stands at just under $14,000.

Those working at minimum wage jobs earn just over $15,000 a year making college cost prohibitive.