1. Financial Capability Builds Communities October 4, 2016

2. Outcomes for today are to increase knowledge about:
Households: How financial capability impacts households
Communities: How household income/community economic development/employment programs benefit by integrating financial capability
Organizations: How Community Action Agencies can meet the needs of their clients and communities

3. About us: The Collaborative
Promote programs and policies that build economic security and economic mobility
The link between research, innovations in practice, and the people of NC
North Carolina Saves
National Assets & Opportunity Network
North Carolina Assets Alliance
Growing Household Income
Statewide projects for asset-development among people with disabilities
Points of Light-Financial Opportunity Corp
Collaborative efforts for applications for low- and-moderate income residents

4. What does research say about financial capability?
It is not financial education or literacy—there is a behavioral and experiential element. Taking the next small step is critical.
The behavioral element leads to changes in households, and the ability to be future focused, which leads to savings.
Financial capability leads to better employment outcomes. (LISC, Elements of Successful Financial Opportunity Centers)

5. Low-income workers enter the workforce with financial challenges
Financial Capability can mitigate some of those challenges by offering these supports:
Financial coaching and counseling
Ways to manage credit and debt
Connections to safe and affordable financial services
Free tax preparation
Savings vehicles and matched savings
Affordable housing
Access to public benefits

6. Low-income workers enter the workforce with other challenges
Transportation
Un- and underbanked
Childcare issues
Low credit scores

7. And..
1 in 5 workers reported that they had skipped work in the past year to deal with a financial problem. (Consumer Financial Protection Bureau)
According to GoBankingRates, 79% of North Carolina residents have less than $1,000 in savings
The American Psychological Association reports that over 60% of Americans experience physical stress symptoms regularly, as a result of their finances.

8. Household outcomes Reducing toxic stress, and the stress on children
Sense of accomplishment and empowerment from handling finances. Examples:
How to respond to debt collectors and decrease debt
Increased credit score
Housing stability
Ability to set a goal for the future
Dedication to savings and less fragility

9. Stable Residents contribute to the Community
Tangible financial ways: income taxes, property taxes, sales taxes
Intangible ways: civic engagement and dialogue, volunteering, voting, building their own and other’s “human capital”

10. The foundation of economic mobility and an expanded middle class-Brian Dabson, UNC School of Government
Building individual skills and encouraging creativity – the importance of education, skills development, willingness to be entrepreneurial, becoming and staying healthy
Increasing financial literacy – helping people save, imagine a better financial future
Creating and supporting new leaders - vibrant community engagement – building social capital
Recognizing and celebrating the value and positive identities of community members

11. The foundation of economic mobility and an expanded middle class-Brian Dabson, UNC School of Government
Building capacity in the community to plan and get things done – the very essence of resilience
Building political connections, forging links beyond the community to people and organizations with knowledge, experience, resources – avoid isolation
Protecting natural assets – taking care of nature, water, air, environment, trees
Improving infrastructure and building stock – roads, water and sewers, housing stock, ability to withstand natural hazards

12. Update on the Financial Empowerment Training Series
12 organizations, 26 people, over 5 sessions
February – May, 2016
Agency plan development for integrating financial capability
Goals for the financial capability integration
Community profile
Partnerships—both existing and desired
Staff Capacity and leadership
Organizational Capacity
Profile of customers’ needs
Next steps: Implementing the plan

13. Update on the Financial Empowerment Training Series
Meeting the needs of clients and communities
Clients—what do we need?
Community—How can we build together?
Organizations—How can I change and pivot to meet these needs? What strategies can we pursue?

14. Neighborworks Success Measures

15. Questions?

16. Stay in touch Like us on Facebook:
TheCollaborativeNC
North Carolina Assets Alliance
North Carolina Saves
Follow us on Twitter: #cultureofsavngs
Websites:

17. THANK YOU! Donna Gallagher
Executive Director, IDA and Asset Building Collaborative of NC