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 Asset Building
Today, many low-income families have no financial reserves to draw upon in the event of job loss, serious accident or illness, or other personal crises. Nearly one in five American households owes more than it owns. Even modest financial assets can enhance the economic security of low-income families.
City officials can help local residents build financial assets in at least four ways: promoting financial education; supporting homeownership counseling and incentives; developing asset accumulation strategies (e.g., through savings campaigns and Individual Development Account programs); and sponsoring and/or brokering asset protection measures to help families avoid predatory lending and other "wealth-stripping" practices.
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For Further Information
Contact Heidi Goldberg, Senior Program Associate, at 202-626-3069 or goldberg@nlc.org.
The Institute's work on family economic success is supported by the Annie E. Casey Foundation and the Ford Foundation.
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