Financial stability goal

Community Goal-

Increase the number of financially stable households by 15%.

1,429 households in 5 years

Issue #1

Families who earn the least, often pay the most for basic goods and services.

For example…

1) Families in low-income rural communities who lack access to a grocery store chains pay 17.4% more than the USDA recommended budget for basic food items.

2) A homebuyer paying a subprime mortgage at 13% interest on a loan of $107,500 will owe $514 more a month than the homebuyer with a prime mortgage at 7%. Over the life of a 30-year mortgage, the subprime borrower will pay $184,000 more in interest.

(The Annie E. Casey Foundation, Building Family Economic Success Centers for Working Families)

 

Issue #2

A number of households in the United Way service area are unbanked or under banked and are using their limited financial resources on costly alternative financial services.

 

4,777 (3.8%) of households in the UWECI 6 county service area are unbanked. These households do not have a checking or savings account.

 

19,767 (15.7%) of households in the UWECI 6 county service area are under banked. These households have a checking or savings account but continue to rely on costly alternative financial services, such as, pay-day loans, non-bank check-cashing services, and rent-to-own agreements.

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Community Goal

Increase the number of financially stable households by 15%.

1,429 households in 5 years

Click here for more on the issues.

United Way Partners with Banks and Credit Unions to Help Low-Income Families

In an effort to help over 1,400 households become financially stable, it is important that we help low-income families develop financial management skills and access financial mainstream services.

Continue reading.