Financial Stability

Closing the racial wealth gap and building wealth among the Black and Brown residents must begin with improving their financial health. In metro Atlanta, households led by people of color are less financially secure than white households across nearly all measures of financial stability.

Consider:

  • The median household income for Black households in the city of Atlanta is $35,048, compared to $102,693 for white households.[8]
  • Thirty-nine percent of Metro Atlanta households of color are unbanked —they do not have a bank account —or are underbanked and use costly alternative financial services (like check cashing services) for basic transaction and credit needs.[9]
  • Over half of the Black and Latinx families in metro Atlanta are liquid asset poor. They do not have enough savings to cover basic expenses for three months if they experience a financial crisis (job loss, medical emergency etc.)[10]
  • Over a quarter of the Black and Latinx families in metro Atlanta have negative or zero net worth, a common measure of wealth.[11]

LISC strengthens the financial stability of individuals of color in metro Atlanta.

How we do it:

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LISC’s Financial Opportunity Center® Model Surpasses Other Programs

An independent study has found that Financial Opportunity Center® clients, who access a range of services, have more success meeting their financial goals than people in programs offering employment assistance alone.

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The Power of Integrated Services

In this white paper the LISC Research & Evaluation team examines recent outcomes for Financial Opportunity Center® (FOC) participants to assess the early success of the Bridges to Career Opportunities (Bridges) model.

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LISC’s FOC Network

LISC’s financial stability programs connect families living on a low- to moderate- income with the financial and labor market mainstream.

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Demonstrating Economic Liberation

Demonstrating Economic Liberation: How guaranteed income pilot programs point to new solutions to poverty

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Contact

Dominique Ellis | Senior Program Officer
Email

[8] saportareport.com/racial-differences-in-atlantas-median-household-income-widespread-deeply-rooted/columnists/david/
[9] Scorecard.prosperitynow.org, Prosperity Now, scorecard.prosperitynow.org/data-by-issue#finance/localoutcome
[10] Scorecard.prosperitynow.org, Prosperity Now, scorecard.prosperitynow.org/data-by-issue#finance/localoutcome
[11] Scorecard.prosperitynow.org, Prosperity Now, scorecard.prosperitynow.org/data-by-issue#finance/localoutcome