POWER-PACKED DATA FOR GRANTMAKERS HELPING HOOSIERS ACHIEVE FINANCIAL SECURITY September 20, 2017
AGENDA WELCOME JOBI CATES, MIDWEST PROGRAM ➢ OFFICER ASSET FUNDERS NETWORK INDIANA AND THE PROSPERITY LEBARON SIMS, SENIOR RESEARCH ➢ NOW SCORECARD MANAGER PROSPERITY NOW SOLANA RICE, DIRECTOR OF STATE AND LOCAL ADVOCACY PROSPERITY NOW CONTEXT FOR INDIANA FUNDERS ANDREW BLACK, SENIOR COMMUNITY ➢ INVESTMENT OFFICER COMMUNITY FOUNDATION OF CENTRAL INDIANA MODERATED DISCUSSION AND ➢ Q/A ASSETFUNDERS.ORG
OUR SPEAKERS ANDREW BLACK JOBI CATES SOLANA RICE LEBARON SIMS ASSETFUNDERS.ORG
About Asset Funders Network Asset building is how individuals, families, and communities gather the resources that will move them towards economic well-being, for now and for years to come. Asset building makes prosperity achievable. That’s why funders across sectors are investing in asset -building strategies for greater impact in low and middle income communities. Assets — or resources — range from savings accounts and business ownership to education and health. Owning a car or a home, college savings and retirement accounts, job skills and social networks: these are all assets too. Life without them is challenging and unpredictable. Life with these assets stabilizes families, increases agency, and strengthens communities. AFN explores and promotes the best ways to build assets, and in this way, build wealth. We seek to dismantle systemic barriers people face when trying to find economic security. We confront inequity based on race and gender. That’s what it means to be an asset builder, and why we strive to find and share the best solutions out there with each other.
Prosperity Now Scorecard: Powerful Data to Fuel Community Change as of September 20, 2017
The Prosperity Now mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.
Our Approach
CFED CFED launches the CFED published CFED begins CFED launches Publishes the Prosperity Now launches Assets & Opportunity first in-depth Local publishing the State Asset Local Data the Prosperity Now Scorecard Profiles Scorecard Development Center Scorecard with local & annually Report Card state data 2010 201 200 201 2017 200 2 4 5 2 2015 2005 2010 2000
The Scorecard is a comprehensive resource featuring data on family financial health and policy recommendations to help put all U.S. households on a path to prosperity. Data at the national, state, metro, county & city level in 5 issue areas
Findings of the 2017 Scorecard The economy shows signs of gaining momentum, but only for a lucky few… …large numbers of American families are left behind and barely scraping by.
Economic Progress UNEMPLOYMENT INCOME POVERTY 14.7% 14.7% 14.6% 14.5% 14.0% 13.8% 13.4% 13.1% 12.7% 12.6% 12.3% 9.6% 9.3% 8.9% 8.1% 7.4% 6.5% 5.8% 5.4% 5.1% 4.9% 4.6% 4.6% 2006 2008 2010 2012 2014 2016
Economic Progress, But for Whom? UNEMPLOYMENT IS MORE THAN 2X HIGHER FOR BLACK WORKERS THAN WHITE WORKERS INCOME POVERTY BY RACE & ETHNICITY WHITE 10.4% ASIAN 13.1% HOUSEHOLDS OF COLOR 21.8% LATINO 22.2% BLACK 24.8% NATIVE AMERICAN 26.2%
Jobs Don’t Cover Cost of Living
Income Volatility
Few Have Savings Cushion $6,150 FOR A FAMILY OF FOUR IN 2017
Little Savings to Smooth Volatility LIQUID ASSET POVERTY BY RACE & ETHNICITY
MEDIAN NET WORTH BY RACE & ETHNICITY HH of COLOR
Flat Homeownership Rate 65.4%
Disparities in Homeownership HOMEOWNERSHIP BY RACE & ETHNICITY
Do the Data Reflect the Same Story Here? SOURCE: 2017 Prosperity Now Scorecard
Do the Data Reflect the Same Story Here? SOURCE: 2017 Prosperity Now Scorecard
Why Look at Race? • History of policies that have disadvantaged people of color. • Increasing population of people of color and declining wealth will have impacts on our national economy. • Taking on the largest disparities will advance prosperity for all.
Earnings Are Not Sufficient for Many South Bend: Indiana: SOURCES: State Data : 2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016. Local Data: 2011-2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016.
Savings is Sparse Indianapolis: Indiana: SOURCES : State Data: Survey of Income and Program Participation, 2014 Panel, Wave 1 . Washington, DC: U.S. Department of Commerce, Census Bureau, 2017. Data calculated by Marin Economic Consulting. Local Data: Survey of Income and Program Participation, 2014 Panel, Wave 1. Washington, DC: U.S. Department of Commerce, Census Bureau, 2017. Data calculated by Marin Economic Consulting. 2011-2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016.
Wealth is Hampered Allen County: Indiana: SOURCES: State Data: Survey of Income and Program Participation, 2014 Panel, Wave 1 . Washington, DC: U.S. Department of Commerce, Census Bureau, 2017. Data calculated by Marin Economic Consulting. Local Data: Survey of Income and Program Participation, 2014 Panel, Wave 1. Washington, DC: U.S. Department of Commerce, Census Bureau, 2017. Data calculated by Marin Economic Consulting. 2011-2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016.
Homeownership is Uneven Randolph County: Indiana: SOURCES: State Data : 2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016. Local Data: 2011-2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016.
Enormous Disparities in Business Value St. Joseph County: Indiana: SOURCE: Survey of Business Owners. Washington, DC: U.S. Department of Commerce, Census Bureau, 2015.
Many Depend on Alternative Financial Services Lake County, Unbanked Rate: Lake County, Underbanked Rate: SOURCES: State Data: 2015 FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2016. Local Data: 2015 FDIC National Survey of Unbanked and Underbanked Households. Washington, DC: Federal Deposit Insurance Corporation, 2016. Data calculated by Marin Economic Consulting. 2011-2015 American Community Survey. Washington, DC: U.S. Department of Commerce, Census Bureau, 2016.
Outcome Rankings for IN by Issue Areas 25 th 30 th 34 th 29 th 29 th
Indiana Policy Recommendations • State EITC & VITA Support • Eliminate Asset Tests for Public Benefit Programs 13 out of Only 10 out • Lower fees for 53 policies unemployment benefits of 51 policies loaded onto pre-paid cards adopted adopted • More support for first-time homebuyers
With the Data, You Can… • Understand the financial security of households in your community or region • See racial disparities in outcomes for key measures • Compare your community to other cities, regions or states • Start conversations with partners and stakeholders about financial challenges and potential solutions • Help partners working in different silos see how their work connects to each other and collaborate
In-Depth, Custom Local Profiles
Take Action! ✓ Use the data to fuel your existing work and visit scorecard.prosperitynow.org for more data & policies ✓ Advocate for state policy changes and join the Prosperity Now Community for updates ✓ Advocate to protect and defend federal programs, policies and regulations . Join one of our federal campaigns and Advocacy Center
Prosperity Now Community Champions
• $720 million in assets with more than $60 million invested in the community across all funds annually. • ‘Family Success’, one of three targeted community initiatives, has invested in deep-rooted and systematic issues facing low-resourced families in central Indiana. These include gaps in assets and income, low educational attainment, etc. • Founding member of AFN Indiana Chapter. • Currently undergoing strategic planning process with themes of opportunity and access serving as a major focal point.
The study that caught our attention • July 2013 ‘ In Climbing Income Ladder, Location Matters ’ published in NYT • Geography plays a major role in the ability of lower-income children in the bottom 20% income bracket to upwardly mobilize to the top 20% income bracket. • Indianapolis metro’s outcomes were alarming, with only 4.8% of lower-income children progressing to the top 20%. • This ranked 4 th worst of the 50 largest metro areas in the country. • Wayne County (5.4%), Muncie (5.6%), & South Bend (5.8%) also had comparatively low mobility rates. • Indiana cities that fared better were Evansville (9.7%), Lafayette (9.3%), Bloomington (8.3%), and Ft. Wayne (6.6%), however, were still below the median.
Recommend
More recommend
