Bureau of Consumer Financial Protection: Financial Literacy Annual Report
Record Description
This annual Bureau of Consumer Financial Protection report to Congress identifies programs and activities that the Bureau conducted to address its FY 2018 mandate. Mandated by Congress, the report covers three elements: providing financial education to the public through self-help resources and community channels, such as libraries and social service organizations; sharing research and resource guides on financial literacy to K-12 teachers and adult educators; and delivering information and technical assistance on financial security to servicemembers, older Americans, underserved consumers, and students.
The National Foundation for Credit Counseling® (NFCC®) is the national industry-based certifying body for financial and credit counselors. NFCC® provides professional education including counseling pertaining to credit and debt, bankruptcy, homeownership, reverse mortgage, and student loan debt, as well as credit report reviews and debt management plans. These services are delivered to consumers, small business owners, homeowners, members of the military and veterans, and older persons.
Founded in 1972, the National Endowment for Financial Education offers financial education and guides, training tools, and survey results to consumers of all ages. Offerings include High School Financial Planning (for teachers and educators), CashCourse, Financial Workshop Kits, Retirement Paycheck, Smart About Money, Evaluation Toolkit, and On Your Own (for young adults).
Starting Strong: Credit Building for Youth Transitioning from Foster Care
Record Description
This Prosperity Now report provides lessons learned for enhancing credit building activities for youth leaving foster care. Beyond explaining the need for financial independence and credit’s role among this population, the report highlights five organizations that successfully integrate programs for youth and asset building: the Children’s Home Society of Florida, DePelchin Children’s Center, First Place for Youth, the Nebraska Children and Families Foundation, and the RightWay Foundation.
State of the States: Profiles of Hunger, Poverty, and Federal Nutrition Programs
Record Description
The Food Research and Action Center has developed an interactive data set to analyze the extent of hunger and the use of nutrition programs to stem food insecurity on a state-by-state level. Data in these interactive tables include demographic patterns, participation in state food security programs (including school breakfast and lunch, summer nutrition, SNAP, and Emergency Food Assistance programs and the Special Supplemental Nutrition Program for Women, Infants and Children), and state economic security policies (including TANF and EITC).
EITC Expansions, Earnings Growth, and Inequality: Evidence from Washington, D.C.
Record Description
This discussion paper from the University of Kentucky’s Center for Poverty Research analyzes longitudinal administrative tax data to determine the correlation between Earned Income Tax Credit (EITC) expansions in Washington, D.C. and income and wage inequality. This analysis, covering expansions of EITC between 2001 and 2009, are associated with pre-tax earnings growth between 3 and 4 percent. The authors conclude that this association complements other research that demonstrates EITC has a positive effect on labor market outcomes and household well-being.
A Much Closer Look: Enhancing Savings Counseling at Financial Empowerment Centers
Record Description
This report from the Cities for Financial Empowerment Fund presents findings of a two-city (Nashville and Philadelphia) pilot that looked at how Financial Empowerment Centers inform their clients’ knowledge about financial literacy. It also reviews the ways that financial counseling expands low-income individuals’ saving outcomes and discusses how financial counselors work with these clients to meet financial goals.
Community Action Partnership: National Impact Report
Record Description
This newly released report from the Community Action Partnership, representing over 1,000 Community Action Agencies (CAA) nationwide, presents a broad landscape of the activities and impact of CAAs. It identifies several “spotlight stories” to reflect on initiatives undertaken relative to job creation and job training, asset building, supports for health and well-being, community development, and services to strengthen children and families. The emphasis is on community-wide solutions that are designed and implemented to address challenges that low-income families face.
On February 4, 2019, educators, policymakers, public administrators, and program officials will present research at the Aspen Institute in Washington, D.C. on bipartisan opportunities to improve economic conditions for low- and middle-income workers. They will highlight challenges to accessing opportunity, discuss solutions such as education, and explore the role of state and local government in alleviating economic hardship for more Americans. A series of policy proposals focusing on across-the-aisle discussions and resolutions will concurrently be released at this event.
OFA Webinar: Safety Net Responses: Maintaining and Strengthening Tax Credits to Reduce Poverty
Record Description
Federal benefits programs, such as TANF and SNAP, and tax credits, such as the Earned Income Tax Credit (EITC) and the Child Tax Credit, can help encourage work and reduce poverty among working families. In the 2016 tax year, almost 26 million working families and individuals in every state received the EITC, which is available to low- and moderate-income families and individuals. According to the Center on Budget and Policy Priorities (CBPP), families often use these credits to pay for necessities, repair homes or vehicles, and in some cases, obtain additional education or training to boost their employability and earnings. Additionally, research indicates that children in families receiving the tax credits do better in school, are likelier to attend college, and earn more as adults. Looking at the Supplemental Poverty Measure (SPM), the Brookings Institution reports that these tax credits lowered the national poverty rate by three percent in 2015, equivalent to lifting 9.2 million people above the poverty line. Many states and municipalities also operate state tax credit and subsidy programs that can enhance the benefits associated with federal credits.
This facilitated webinar on January 30, 2019 from 1:00 p.m. to 2:30 p.m. ET shared how they use their state and local programs, strategies, and informational tools to deliver valuable services and disseminate information about the value of tax credits and their impacts on low-income, working families. Presenters discussed strategies for how TANF programs and others can promote and leverage these programs to support the families they work with.