Making Cents of Housing and Financial Supportsnationalinitiatives.issuelab.org/resources/26376/26376.pdf · Asset Building & Employment Asset Building, as a tool, incorporates will

Making Cents of Housing and Financial Supports

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Income Now Training | December 6th & 7th 2016 |

#IncomeNow @CarlNCEH

Todays Agenda

I. Foundations of Asset Building Work

II. Best Practices in Asset Building Programs III. Asset Building Policy Solutions


Welcome! Meet the Presenter:

Carl Wiley, LSW Coordinator, National Center on Employment and Homelessness


Icebreaker Activity

Momentum in policy, practice, funding, and research –but we need to make sure those youth who need help the most are not left behind

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What is one trick you use to help manage your money ?


National Initiatives on Poverty & Economic Opportunity

We are dedicated to ending chronic unemployment and poverty.

Our National Center on Employment & Homelessness works to ensure that employment in quality jobs is a key element in preventing and ending homelessness.


National Center on Employment and Homelessness

Identify & advance

evidence-based employment interventions

Promote employment as an element of preventing and

ending homelessness

Advance systems change

The National Center on Employment & Homelessness (NCEH) is dedicated to ensuring that employment is a key element in the fight to prevent and end homelessness.


I. Foundations of Asset Building Work


What is Asset Building? ■ Strategies that increase financial and

tangible assets, such as savings, a home and businesses of all kinds

■ May include building financial knowledge, skills, & behavior (“financial capability”) as well as credit score

■ Not just getting by, but getting ahead.


Assets •Car •Home •Cash

•Savings •Checking

Liabilities •Student loans •Medical debt •Credit cards

Wealth

What is Wealth?


Asset Building as Complement to Income-based Supports ■ Income poverty:

- Money earned does not cover the cost of necessary living expenses

■Asset poverty: - Not enough money saved to weather unexpected

set backs

■ Together, income and wealth interventions can move people from crisis, to stability, to security.


A $400 emergency


Positive effects of assets ■ Savings at age 23 results in lower unemployment

between ages 23-33 (Bynner & Despotidu, The Effects of Assets

on Life Chances. 2001.)

■ Children with $500 of savings in their own name: - 3 times more likely to attend college - 4 times more likely to complete - (Center for Social Development, Washington University. 2013.)

■ Assets have an aspirational effect and can encourage people to make specific plans with regard to work and family (“Why Assets Matter.” CFED. 2013)


The Racial Wealth Divide


The Racial Wealth Divide

The dramatic gap in household wealth that exists between white households and households of color is a result of government policies and institutional practices that create different opportunities for different groups of people.


Stats on Asset Poverty ■ 1 in 7 US households considered “income poor”

(14.5% of households) ■ 26% of US households are considered “asset poor”

(“Why Assets Matter.” CFED. 2013).

- 42% of households of color - 34% of households with children

■ Wealth Gap between White and African-American families has grown 4x from 1984-2007 (Institute for

Assets & Social Policy, Brandeis Unversity. 2010.)

■ 1 in 3 US households have no savings account


II. Best Practices in Asset Building Programs


Best Finance Advice Can Fit on a 3-by-5 Index Card?


http://www.npr.org/sections/alltechconsidered/2016/01/08/462250239/when-an-index-card-of-financial-tips-isnt-enough-this-book-is-there

Harold Pollack University of

Chicago

Revised : Best Finance Advice Can Fit on a 3-by-5 Index Card




Chicago

Revised : Best Finance Advice Can Fit on a 3-by-5 Index Card




Chicago

Asset Building & Employment ■ Asset Building, as a tool, incorporates will into existing

interventions, such as housing and employment ■ CFPB toolkit as a resource ■ Address internal and external barriers

- Motivational Interviewing - Harm reduction - Acknowledge & address access inequities

■ Celebrate small victories!


Asset Building Program Strategy

■ Financial Literacy workshops - Delivered when people can put

it to use ■ Individual financial counseling/

coaching ■ Savings goal


Financial Coaching Model ■ Nonjudgmental ■ “Coaching” framework ■ Participant chooses financial

products/ services ■ Trauma-informed, Person-

centered approach ■ Know the limits of your

knowledge & ability to help ■ Attach AB to existing services



Heartland Alliance Asset Building 1 Spend and Save for the Future You Want 2 Make Every Cent Count 3 Banks, Credit Unions & More 4 Credit Scores – What Helps & What Hurts 5 Get Help with your Credit Problems 6 Save for the Big Things 7 Your Financial Story & Why it Matters 8 Invest and Watch your Money Grow 9 Holiday Spending without Breaking the Bank 10 Prepare for Financial Emergencies 11 Get What You Deserve at Tax Time 12 Shop for Deals 13 Get a Good Deal on a Car

Wealth & Wellness Workshops


Heartland Alliance Asset Building Identifying Spending Leaks

Introduction to Budgeting Paper Budgeting Envelope Budgeting Reverse Budgeting Helpful Tips and Tools Put Your Plan Into Action! Handout 1: Betty’s Budget Handout 1.1: Ready to Budget? Handout 2: Occasional Expenses Handout 3: Increasing Your Income Handout 4: Cutting Costs Handout 5: Weekly Spending Log Handout 6: Monthly Payment Schedule

“Make Every Cent Count”


Heartland Alliance Asset Building

“Make Every Cent Count”

Intersection of Program and Policy ■ Asset taskforce ■ Identification of problems & potential solutions ■ Stories that advance policy ■ Consumer-led advocacy ■ Consumer-informed policy implementation


III. Asset Building Policy Solutions


IABG’s Policy Agenda

Strengthen Financial Services for Low-income Households

Protect Consumers from Abusive Financial Products

Protect Workers from Unfair Debt Collection Practices

Stop Wealth Stripping Practices


IABG’s Policy Agenda

Increase Credit Building Opportunities

Build Retirement Security

Expand Access to College

Create Policies that Build Financial Security for ALL


National Initiatives Toolkits

www.heartlandalliance.org/nationalinitiatives


Questions…?

For more information: [email protected] @CarlNCEH

Twitter: @NIheartland

Facebook: National Initiatives on Poverty & Economic Opportunity

Website: http://www.heartlandalliance.org/nationalinitiatives/


Documents

Making Cents of Housing and Financial Supportsnationalinitiatives.issuelab.org/resources/26376/26376.pdf · Asset Building & Employment Asset Building, as a tool, incorporates will