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Laura Choi, Senior Research Associate – Community Development, Federal Reserve Bank of San Francisco, Strengthening the Financial Future in Oregon


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Laura Choi of the Federal Reserve Bank of San Francisco presents on Strengthening the Financial Future in Oregon at Neighborhood Partnerships' 2016 RE:Conference

Published in: Government & Nonprofit
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Laura Choi, Senior Research Associate – Community Development, Federal Reserve Bank of San Francisco, Strengthening the Financial Future in Oregon

  1. 1. Strengthening the Financial Future in Oregon Laura Choi Community Development
  2. 2. “If you want to lower my blood pressure, help me pay my electricity bill”
  3. 3. “About 60% of intakes into the state and federal prison systems report annual incomes under $12,000.”
  4. 4. Housing plays a central role in the financial stability, or too often the instability, of America’s families and communities… Housing stability is itself a predicate to financial stability.
  5. 5. Financial health and well-being are preconditions for nearly all the long-term outcomes that collectively allow people and places to thrive.
  6. 6. • Income and expense volatility • Changing nature of employment • Financial mismatch • Role of short and long term savings Understanding Financial Insecurity
  7. 7. SOURCE: 2016 Assets & Opportunity Scorecard, Census Bureau, Survey of Income and Program Participation (SIPP) OR 36.3% U.S. 43.5% Households that Are Liquid Asset Poor 30.2% 39.5% 39.6% 42.2% 43.9% 44.9% 45.5% 49.6% 53.9% 54.5% 0% 10% 20% 30% 40% 50% 60%
  8. 8. Share of Renter Households that Are Cost Burdened, 2014 SOURCE: U.S. Census American Community Survey 53.3% 53.7% 53.9% 54.1% 54.2% 57.8% 60.1% 61.6% 62.0% 64.0% 0% 10% 20% 30% 40% 50% 60% 70% OR 55.1% U.S. 52.3%
  9. 9. Defining Financial Well-Being Source: CFPB Present Future Security Control over your day-to-day, month-to- month finances Capacity to absorb a financial shock Freedom of choice Financial freedom to make choices to enjoy life On track to meet your financial goals The Four Elements of Financial Well-Being
  10. 10. What Influences Financial Well- Being? Source: CFPB Social and economic environment Personality and attitudes Decision context Knowledge and skills Available opportunities Behavior Personal financial well-being
  11. 11. The choices we make are only as good as the choices we have
  12. 12. Innovative Cross-Sector Partnerships • Lending Circles + Immigrant Services • One Stop Benefits + Community Colleges • Financial Coaching + State Dept. of Health & Human Services
  13. 13. Building Financial Well-Being through the Housing Field Organizational • Housing stability • More income for food, education, saving • Integrated resident services Systems • Promoting affordable housing in communities of opportunity • Strengthening housing non-profits
  14. 14. Expanding Reach through Partnership Individual Development Accounts 97,000 over 15 years Financial Coaching 10,000 clients/month Volunteer Income Tax Assistance 3.7 million last year 10 million people enroll in community colleges every year 17 million families in the child support system 24 million people served at Federally Qualified Health Centers
  15. 15. Building Bridges • Who are the “unlikely partners” we can bring to the table? • How does financial well-being cut across our work? • How do we advocate together for better policy?