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Expand Financial Opportunity Center Services

# people with increased net worth (YTD)

Current Value

6

Q3 2023

Definition

Year-to-date numbers of people with increased net worth.

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Story Behind the Curve

CMCA offers employment and financial coaching services through SkillUP and through the Financial Opportunity Center, which launched in late April 2021.  Through coaching, CMCA members learn how to increase their income, decrease expenses, reduce debt, and aquire assets in order to increase their net worth.  Net worth is a calculation based on the value of the assets a person owns minus their liabilities.  Data below indicates the year-to-date number of CMCA members receiving coaching who have increased their net worth. 

Why Is This Important?

Net worth is a measurement based on a person's total assets minus their liabilities.  Households experiencing net worth poverty do not have enough assets to cover their basic needs for three months.  Net worth poverty limits families' abilities to become economically resilient and to invest in their future (and their children's future).  A groundbreaking study from Duke University found that that over one third of American families were net worth poor in 2019.  The national statistics for people of color were even more grim.  In 2019, 57% of black families and 50% of Latino families with children were net worth poor.

Programs like the Financial Opportunity Center help CMCA members through a combination of employment coaching, financial counseling, and accessing income supports.  Members learn financial management skills such as budgeting, reducing debt, improving credit scores, starting savings plans, and investing.  By helping people improve their net worth, CMCA supports families in becoming economically resilient and in breaking the cycle of poverty. 

Interested in supporting CMCA in this endeavor?  Click here to find out how you can help.

 

Sources:

1. Gibson-Davis C, Keister LA, Gennetian LA. Net worth poverty in child households by race and ethnicity, 1989-2019J Marriage Fam. 2020.

How We Impact

The Financial Opportunity Center became active in April 2021, during the third quarter of the agency's fiscal year.  FOCs pair individuals with Financial and Employment Coaches to co-create financial freedom plans. Coaches support individuals with tools and resources that allow them to navigate the complexities of increasing income, decreasing expenses and acquiring assets.  The FOC model is built on four interlocking components: Financial Coaching, Career Coaching, Income Supports and a Shared Data System.  Click here to see how it works.

Interested in helping CMCA make an impact in your community?  Click here to learn more.

Partners

                            

The Financial Opportunity Center is provided in partnership with Rural LISC.  With residents and partners, LISC forges resilient and inclusive communities of opportunity across America - great places to live, work, visit, do business, and raise families.

Interested in partnering with CMCA?  Click here to learn more about how you can help.

Clear Impact Suite is an easy-to-use, web-based software platform that helps your staff collaborate with external stakeholders and community partners by utilizing the combination of data collection, performance reporting, and program planning.

Scorecard Container Measure Action Actual Value Target Value Tag S A m/d/yy m/d/yyyy