Family Income & Wealth Building

A sign of a thriving community is that residents feel confident that their lives will improve, their incomes rise, and their job prospects widen while they are living there. However, achieving economic stability is a process that builds upon itself, and it requires long-term planning and commitment from individuals and families. Economic stability is a combination of adequate income and good financial management behavior. LISC includes the following elements in its definition of economic stability for the low-to-moderate income residents that our community partners serve:

  1. Sufficient family income for daily living expenses, to allow for asset accumulation, and to address minor emergencies.
  2. Marketable, transferable employment skills that lead to higher paying jobs, and that facilitate smooth transitions to a new job with minimal employment interruption (for example, if an individual is laid off, moves to a new city or state, etc.)
  3. "Smart" debt, with market-rate interest, that leads to appreciating assets (such as a house) or that can be paid off in a reasonable period of time.
  4. A plan for post-secondary educational opportunities for themselves or their children.
  5. Realistic opportunity for retirement at age 65, with income beyond Social Security.
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LISC's Family Income and Wealth Building program is designed to connect low-to-moderate income families to the financial and labor market mainstream. Our approach focuses on offering employment and career services, financial coaching and education, and low-cost financial products that build credit, savings, and assets.

Family Income and Wealth Building initiatives include our national network of over 70 Financial Opportunity Centers; occupational skills training and “bridge” programs; credit-building products like Twin Accounts; and field-building advocacy and technical assistance on Integrated Service Delivery.

In 2013, the Financial Opportunity Center network helped over 20,000 individuals receive bundled services. Nearly 50% of clients achieved at least one major financial stability outcome:

  • 5,200 people placed in jobs
  • 5,380 people improved their net income
  • 4,260 people improved their net worth
  • 4,220 people improved their credit score
CONTACT INFORMATION
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Program Director: Seung Kim

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