What does it take to achieve financial security for the millions of American households without it? Clearly full employment, higher wages, and a more robust safety net would be some major components. But as important as those are, they aren’t the full picture. Assets are an important counterweight to income.
In a world of growing financial complexity, predatory products, stagnating wages, and escalating inequality, financial insecurity is a dramatic problem. We gathered a group of leaders who are combating financial insecurity for a conversation on how it all relates.
Unpredictable hours lead to unpredictable cash flow, which is a barrier to budgeting and saving. One response to this, the Opportunity to Work Initiative, would require that San Jose employers give more hours to part-time employees before hiring new staff.
Children's savings accounts for higher education, even those that have accumulated only small amounts of money, can change expectations for low-income students and they might also provide a vehicle for larger wealth transfers.
Financial curricula for low-income households often focus on personal choices about budgeting and saving, but if they don't also address systemic problems, exploitation, and discrimination, they aren't speaking to their audience's reality.
Crowley has led the organization through dramatic times, keeping a focus on those with the most pressing housing need when many wanted to just talk homeownership.