United Way Financial Stability Partnership

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United Way Financial Stability Partnership
Dr. Madye Henson Vice President Community
Impact Development United Way of America
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Community Impact Framework
Advancing the Common Good by Focusing on
Education, Income and Health
Promoting Financial Stability Independence
Helping Children Youth Achieve Their Potential
Improving Peoples Health
Financial Stability PartnershipTM

• Increase Income, Savings and Assets
• Increase access to public/employer benefits
• Increase workforce readiness

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Economic Drivers that helped Build the CaseDid
You Know

• Average credit card debt among American
  households is about 9,300.
• One out of three households reported using credit
  cards to cover basic living expenses including
  rent, mortgage payments, groceries, utilities and
  insurance.
• The personal savings rate in 2006 (as a
  percentage of personal income), was a negative 1
  percent.
• 10-23 of lower income households 25 to 56
  million adults do not have a bank account and
  are without access to mainstream financial
  institutions and services
• 2 million people filed for bankruptcy in 2005.
  Approximately 50 of bankruptcies are caused by
  medical debt.
• Over 38 million Americans have incomes below the
  federal poverty level. More than fifty percent
  are employed.
• Each year, more than 30 billion in public
  benefits go unused, often because of confusion
  regarding eligibility requirements and lengthy
  application processes.

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A Stepped Approach to Financial Independence

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UWA Update Advancing the Common GoodUnited Way
Financial Stability Partnership

• Goals
• SYSTEM-WIDE INVESTMENT
• United Way will increase its investment from 1
  billion to 1.5 billion over the next five years
  to strengthen the financial stability of low to
  moderate income families by implementing and
  bringing to scale targeted proven strategies that
  impact financial stability.
• INCREASING INCOME THROUGH EXPANDING (EITC)
  OUTREACH
• Increase the number of eligible families
  currently not claiming EITC by 50 percent in 400
  targeted communities over the next five years.
• BANK THE UNBANKED
• Across the United Way system, reduce by 25
  percent the number of un banked and under banked
  households over the next five years.
• EXPANSIVE INTEGRATION OF TECHNOLOGY
• Through technology enable all United Ways to
  enroll eligible families in earned public
  benefits in 50 states over the next two years.

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United Way Financial Stability
Partnership Partnering
Opportunities

• EITC Outreach Expansion
• Year-round Financial Stability Centers
• mobile and site-based
• Support for Technology Integration
• earned benefits access
• access to financial mainstream
• Matched Individual Development Account (IDA)
  initiatives
• Innovative Savings, Asset-building and Asset
  Protection Efforts
• Workforce Development Initiatives
• Research and Evaluation
• Public Policy Advocacy

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Including Speakers from Bank of America Clinton
Foundation CFED Center on Budget and
Policy Cities of San Francisco, San Antonio, New
York City