Financial Empowerment Blueprint - Laserfiche WebLink

Home Browse Search

The framework categories of financial foundation, financial management, and wealth building represent a three-phased approach to financial empowerment to increase the South Bend residents’ ability to build wealth over time. Therefore, the Financial Empowerment Blueprint works to: Collectively build financial empowerment for South Bend residents with a specific focus on addressing racial wealth equity through a three-phase model: Financial Foundation Financial Foundation helps residents gain the necessary financial status to have the ability to build wealth, specifically income growth. Income growth as the first phase of financial empowerment recognizes the need for financial harm reduction to address historical discrimination that has prevented income growth in the first place. In this Blueprint, income growth is primarily addressed by improving current City programs through the lens of financial empowerment, which also increases resource access as well. The City of South Bend needs to be intentional in bringing all programmatic enhancements to our target communities as a means of increasing access to resources. Financial Management Financial Management helps residents control, organize, and grow their finances and ability to build wealth through financial coaching and counseling. This second phase of financial empowerment recognizes the need for financial coaching and counseling to generate an ability to build wealth and assist with providing the opportunity for asset ownership. In this Blueprint, financial management is primarily addressed through the establishment of financial empowerment partnerships to help create and bolster a Financial Empowerment Center to be housed in the newly renovated Martin Luther King Jr. Community Center. Wealth Building/Transfer Wealth Building/Transfer helps residents prepare for, acquire, and grow their assets in order to build and transfer their wealth. This third phase of financial empowerment recognizes the need for a longer-term ability to build wealth only after the establishment and success of foundational financial counseling and income- building programs. In this Blueprint, wealth building/transfer is primarily addressed through new financial empowerment programs, as well as research and collaboration on a long-term vision for equitable and flourishing neighborhoods. Specifically address the financial and wealth-building needs of four different constituencies in South Bend: Youth employment opportunities are vital to youth engagement and help provide the opportunities for building key financial habits essential to navigating the job market in the future. Providing youth employment with a dollar-for-dollar savings match program offered by the City may increase youth’s income while promoting savings habits for future asset-building and wealth-building. Workers have already established jobs with income yet may exist in lower-level positions at an organization or company with a lower level of income. This means that, during an economic downturn, these workers with lower-level positions are often the first to be laid off. Having a City government engage with employers on behalf of their residents to create training opportunities while securing commitments to increase wages after training has been completed can help provide better financial stability. While building out financial counseling services to manage and grow their new financial position, workers can increase their wealth-building ability through asset building and retirement preparation. FF FM WBT INITIATIVE SELECTION AND CONSTITUENCY GROUPS 22 FINANCIAL EMPOWERMENT BLUEPRINT