Financial Stability
We know that healthy, sustainable communities are made up of people who have living wage jobs and feel confident about their economic futures. To get there, residents need the skills to advance along the path of employment and manage their money well. That’s why LISC invests in helping people tackle all the facets of financial life—earning a steady pay check, budgeting, building good credit and saving for education and retirement.
The steps to achieve these goals include supporting employment, promoting career development, providing family and work support, and offering financial education. This programming is known nationally as LISC's Financial Opportunity Centers (FOCs). LISC has a network of nearly 80 FOCs across the country, embedded in local community organizations. FOCs, funded by the Social Innovation Fund Grant, are central to the work of helping families achieve financial independence.
Detroit Centers for Working Families
Part of LISC's FOC network, The Greater Detroit Centers for Working Families (CWF) is a program in partnership with the United Way of Southeast Michigan designed to connect low-to-moderate income families to the financial and labor market. The core of LISC's model is offering employment and career services, financial education and coaching, and low-cost financial products that encourage investment and savings.
Families who achieve financial independence are better positioned to contribute to thriving, sustainable communities. The efforts of Detroit LISC focus on helping families earn more money, keep more of the money they earn, and build assets to fund education, retirement and other financial goals.
To date, over 11,000 individuals and families have been served at Greater Detroit CWF sites. In 2016, 2,900 clients recieved multiple services (employment, financial, access to benefits), 65% of them increased their net income, net worth or credit score.