The Challenge
We all need assets in order to invest in the future and move our families forward.
Yet many families with low incomes are also living in asset poverty, meaning they do not have the assets to be able to cover even three months of basic living expenses without income.
Assets are a stronger predictor than income of financial well-being and economic mobility. They provide a cushion in times of economic distress as well as the capital that all of us need to invest in opportunities that move our families forward such as education, homeownership, and small business.
Despite the critical role that assets play in supporting families to move forward, the opportunity to build assets is out of reach for many families with low incomes. Anti-poverty programs often discourage or penalize savings, and these penalties intersect with systemic and historic barriers to wealth building for Black and/or Latinx women. Some innovative approaches exist to correct these problems, but they are a loose patchwork and remain out of reach to most families.