A new nationwide survey commissioned by NeighborWorks® America, our national network partner, found that nearly 30% of American adults lack any emergency funds to weather a financial shock. While this is an improvement from a year ago, when 34% said they lacked a rainy day fund, the results show that more work needs to be done to shore up individual and family finances. Over the past few years, HomeStart has developed a curriculum to empower clients to increase their savings and improve their credit profile, and we want to thank Chase Bank for sponsoring our staff in those efforts.
Their funding award allowed HomeStart counselors to attend a place based training, sponsored by Chase Bank, in Milwaukee, WI and also attend a NeighborWorks® National Training Institute in Detroit, MI. The training focused on and helping clients reach their goals and delivering effective financial education for today’s consumer. Further funding allowed clients to enroll in a free comprehensive set of services over a 12-month period to help them increase their financial knowledge and confidence, and work toward healthy financial behaviors. Behavioral goals included reducing debt, increasing savings, increasing credit scores, and increasing net worth by purchasing an asset such as a home, or post-secondary education.
“Everyone could benefit from financial coaching, regardless of income,” says Racheal Falzone, HomeStart’s Program Manager. “People with low- and moderate incomes are especially vulnerable to a financial shock, however. More than 1 in 5 adults with income between $40,000 and $60,000 reported no emergency savings in the survey. HomeStart would like to thank Nadia Coronado, our Chase Bank partner, for supporting the community and helping our neighbors build the skills that will build their financial capability for the long term.”