laura choi, senior research associate – community development, federal reserve bank of san...
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![Page 1: Laura Choi, Senior Research Associate – Community Development, Federal Reserve Bank of San Francisco, Strengthening the Financial Future in Oregon](https://reader036.vdocuments.site/reader036/viewer/2022070513/58883f591a28ab7a298b600b/html5/thumbnails/1.jpg)
Strengthening the Financial Future in
Oregon
Laura ChoiCommunity Development
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“If you want to lower my blood pressure, help me pay my electricity bill”
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“About 60% of intakes into the state and federal prison systems report annual incomes under $12,000.”
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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.
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Financial health and well-being are preconditions for nearly all the long-term outcomes that collectively allow people and places to thrive.
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• Income and expense volatility
• Changing nature of employment
• Financial mismatch
• Role of short and long term savings
Understanding Financial Insecurity
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SOURCE: 2016 Assets & Opportunity Scorecard, Census Bureau, Survey of Income and Program Participation (SIPP)
OR36.3%
U.S.43.5%
Households that Are Liquid Asset Poor
Portlan
d Sa
lem Alban
y
McM
innville
Medford
Gresham
Redmond
Sprin
gfield
Grants
Pass
Woodburn
0%
10%
20%
30%
40%
50%
60%30
.2% 39
.5%
39.6
%
42.2
%
43.9
%
44.9
%
45.5
%
49.6
%
53.9
%
54.5
%
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Share of Renter Households that Are Cost Burdened, 2014
SOURCE: U.S. Census American Community Survey
Sprin
gfield
McMinnvill
eSa
lem
Woodburn
Portland
Gresham
Albany
Medford
Grants Pass
Redmond0%
10%
20%
30%
40%
50%
60%
70%53
.3%
53.7
%
53.9
%
54.1
%
54.2
%
57.8
%
60.1
%
61.6
%
62.0
%
64.0
%
OR55.1%
U.S.52.3%
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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
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What Influences Financial Well-Being?
Source: CFPB
Social and economic environment
Personality and attitudesDecision context
Knowledge and skills
Available opportunities
Behavior Personal
financial well-being
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The choices we make
are only as good as
the choices we have
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Innovative Cross-Sector Partnerships• Lending Circles + Immigrant Services
• One Stop Benefits + Community Colleges
• Financial Coaching + State Dept. of Health & Human Services
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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
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Expanding Reach through Partnership
Individual Development Accounts97,000 over 15 years
Financial Coaching10,000 clients/month
Volunteer Income Tax Assistance3.7 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
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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?