Content by Keyword: Asset Building/Financial Literacy

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The Effects of Welfare and IDA Program Rules on

The Effects of Welfare and IDA Program Rules on Asset Holdings of Low-Income Families

Contents Key Findings Conclusions Savings and assets can cushion families against sudden income losses and can bolster long-term economic gains. These savings, however, can make a low-income family ineligible for benefits from means-tested programs when they encounter economic difficulties. Most means-tested programs restrict eligibi
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Conclusion

Foundations for Strong Families 201. Conclusion

Family-focused services that build both relationship and financial skills have much promise. In this tumultuous economy, recognizing that couples with stable relationships accumulate greater levels of wealth over time and have the potential to better ride out the ebbs and flows of market changes, more and more service providers are keen to work wi
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Fostering Collaboration to Resolve Couples

Foundations for Strong Families 201. Fostering Collaboration to Resolve Couples Financial Problems

Forgiveness is an important concept for couples who have financial problems. Couples need to talk over past mistakes, come to a level of forgiveness, and focus on going through every bill and financial statement to develop a viable financial strategy. This process takes time, trust, and commitment in relationships to move forward. The advice of ma
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Divorce and Child Custody Mediation

Foundations for Strong Families 201. Divorce and Child Custody Mediation

Divorce has both emotional and financial consequences for parents and can be especially hard on children during child custody negotiations. Although divorce is difficult, encouraging a process to keep parents’ communication levels open and honest about their children and their financial situations is important for children’s well being during
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Help With Child Support Payments

Foundations for Strong Families 201. Help With Child Support Payments

Research shows that child support is an important source of income for single parents, yet many low-income single parents, who are often mothers, receive inconsistent payments from non-custodial parents. 18 There are several reasons for the irregular payments that include: constraints on non-custodial parents’ ability to pay such as spells of u
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Bankruptcy

Foundations for Strong Families 201. Bankruptcy

As a last resort, bankruptcy is sometimes the only answer to starting fresh and rebuilding credit and finances. Declaring bankruptcy has serious long term financial implications and therefore should not be undertaken lightly. When an individual files for bankruptcy, the court takes control over all assets and orders them to be liquidated and used
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Credit Counseling

Foundations for Strong Families 201. Credit Counseling

Families must carefully consider if it makes sense to work with such a credit counselor, as much of this work can be done by the individual. Selecting a reputable, responsible organization is critical since some disreputable organizations prey on struggling families. Check out credit counselors with the state Attorney General, local consumer prote
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Envelope Method

Foundations for Strong Families 201. Envelope Method

Envelope budgeting is a method where cash is divided into different, categorized envelopes. These envelopes are labeled for categories of spending including required spending, like a mortgage, groceries, and medical bills, and discretionary spending, such as eating out, entertainment, and shopping. As cash is divided into envelopes, it is immediat
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Alternative Credit Scores

Foundations for Strong Families 201. Alternative Credit Scores

For low- and moderate-income couples with bad credit or a lack of credit, alternative credit scores can provide a solution. Many people with low incomes use cash, write checks, or use debit cards instead of using credit, and therefore do not develop credit histories. The Fair Isaac Corporation, creators of the FICO score, introduced the FICO Expan
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Electronic Direct Deposit or Electronic Payroll

Foundations for Strong Families 201. Electronic Direct Deposit or Electronic Payroll Cards

If employers offer direct deposit of paychecks into savings or checking accounts, most financial experts recommend doing this because, on average, people who use direct deposit services save more than if they received their paycheck in traditional hard-copy form. For couples who are attempting to stay on their family budget, this can be a simple ye
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Where to Turn for Help

Foundations for Strong Families 201. Where to Turn for Help

In addition to marriage and relationship skills educators and financial educators, there are other financial tools that provide couples with options for improving their relationship with their partner and their credit. These tools include electronic payroll transfers, alternative credit scores, envelope budgeting, credit counseling, bankruptcy as
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Divorce

Foundations for Strong Families 201. Divorce

Divorce can render relations hostile between partners, so protecting credit and assets can help people avoid financial consequences. Although divorce is emotionally charged for both partners, couples who have developed a financial plan and have strong knowledge of total family finances will likely be in better positions to negotiate with each abou
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Insurance

Foundations for Strong Families 201. Insurance

Insurance can help couples protect their families. Health insurance and disability coverage are critical for couples because of rising health care costs and because they are more likely to experience disability than premature death. Although health insurance often does not cover all health care costs, it can provide enough assistance to make the d
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Consumer Education Initiatives in Financial and

Consumer Education Initiatives in Financial and Health Literacy

This report summarizes findings from a review of literature about health literacy and financial education and from interviews with persons involved in initiatives in these areas, primarily federal personnel. It also highlights areas of commonality between financial and health literacy, and suggests ways each field can learn from the other. [75 PDF
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Assets, Poverty, and Public Policy: Challenges in

Assets, Poverty, and Public Policy: Challenges in Definition and Measurement

This report reviews the definitions and measures of assets and asset poverty in existing theoretical and empirical studies and suggests ways to make them more relevant for future research and policy development. In doing so, the report establishes a conceptual foundation for an emerging field of inquiry that focuses on the role of assets in social
From: Assets, Poverty, and Public Policy: Challenges in Definition and Measurement
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Effects of Holding Assets on Social and Economic

Effects of Holding Assets on Social and Economic Outcomes of Families: A Review of Theory and Evidence

This report provides a conceptual framework on the effects of asset holding and reviews the empirical literature based on this framework. The report distills the main findings on how assets influence economic, social, psychological, and child well-being and provides empirical support for the benefits of asset building. [39 PDF pages]
From: Effects of Holding Assets on Social and Economic Outcomes of Families: A Review of Theory and Evidence
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Foundations for Strong Families 201: Healthy

Foundations for Strong Families 201: Healthy Relationships and Financial Stability

This is the second of two briefs that examine the interplay between education and skills-building programming for lower income individuals and families in the areas of marriage and relationships, financial literacy, and asset development. It explores how communication, marriage and divorce, money management, credit and debt, children and child su
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Foundations for Strong Families 101: Healthy

Foundations for Strong Families 101: Healthy Relationships and Financial Stability

This is the first of two briefs that examine the interplay between education and skills-building programming for lower income individuals and families in the areas of marriage and relationships, financial literacy, and asset development. This brief provides an overview of existing programs and practices. It highlights opportunities for collabora
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Asset Building over the Life Course

Asset Building over the Life Course

This report provides a conceptual framework that describes how asset accumulation unfolds over an individual's lifetime and how the effects of such accumulation can best be understood within the context of the life course. The report identifies five factors that are important in understanding the low levels of asset accumulation among low-income
From: Asset Building over the Life Course
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Marriage Education, Financial Literacy, and Asset

Marriage Education, Financial Literacy, and Asset Development Roundtable: Meeting Summary

This report summarizes a Roundtable Meeting convened by ASPE in February 2008. The Roundtable brought together researchers and practitioners from the marriage education, financial literacy, and asset development fields to begin a dialogue on the relationship between healthy marriages and financial practices. Discussion centered on how to improve p
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Form Approved OMB# 0990-0379 Exp. Date 9/30/2020