Income & Asset Building
 
Income & Asset Building

Persistent Income Inequality in Washington State

Washington State, particularly the Puget Sound region, continues to struggle with persistent income and asset poverty. Black, Indigenous, and People of Color households face poverty rates two to three times higher than those of white households. To address these disparities and promote stability for low-income families, LISC Puget Sound is implementing a workforce opportunity strategy aimed at stabilizing and increasing individuals' income to family-sustaining levels. This approach incorporates elements of the national LISC Financial Opportunity Center® (FOC) model, which integrates financial coaching with employment services to disrupt poverty cycles and build wealth.

Workforce and Financial Opportunity Pilot Program

Launching in September 2024, our three-year Workforce and Financial Opportunity Pilot Program will provide technical assistance, capacity building, funding, and training through an active cohort. We've partnered with 12 key organizations to drive this initiative, including:

  • ANEW
  • Everett Community College
  • Career Path Services
  • Financial Empowerment Network
  • Goodwill of the Olympics and Rainier Region
  • Orion Industries
  • Renton Technical College
  • Seattle Jobs Initiative
  • United Way of Pierce County
  • Urban League of Metropolitan Seattle
  • Workforce Snohomish
  • YWCA

Catalyzing Success

This pilot is designed to connect individuals to family-wage jobs and foster wealth creation through an integrated approach combining financial coaching with employment services. The key elements include:

  • Connect individuals to family-wage and green jobs. This initiative focuses on building pathways to stable, well-paying employment opportunities that not only provide a living wage but also contribute to sustainable, environmentally friendly practices. By partnering with workforce training agencies and educational institutions, we aim to equip individuals with the skills and knowledge necessary to thrive in the green economy
  • Launch new Financial Opportunity Centers® (FOCs) and expand the capacity of organizations to provide integrated access to training, jobs, benefits, and asset-building tools. By expanding our network of FOCs, we will reach more communities across the Puget Sound region, offering comprehensive support that helps individuals secure employment, access essential benefits, and build long-term financial stability.
  • Expand support for the Center for Strong Families. Led by United Way of Pierce County since 2016, the Center for Strong Families initiative focuses on increasing access to and retention of family-sustaining incomes. Our efforts will bolster this initiative, enhancing its capacity to support more families in Pierce County in building income and wealth for a secure financial future.

Strategic Partnerships and Development

Our efforts will focus on:

  • Building deep partnerships with workforce training agencies and educational institutions, especially those led by and serving BIPOC communities.
  • Investing in infrastructure to integrate financial coaching into existing workforce programs.
  • Providing high-quality financial education and coaching to workforce participants, helping them achieve financial stability and build generational wealth.
  • Offering technical expertise to agencies implementing financial coaching, with an emphasis on leveraging Supplemental Nutrition Assistance Program (SNAP) Employment & Training (E&T) for sustainability.

Maximizing Impact with BFET

The Basic Food Employment & Training (BFET) program, a vital yet underutilized resource in Washington, offers significant opportunities for growth. By partnering with organizations like the Seattle Jobs Initiative and the Washington State Department of Social and Health Services (DSHS), we aim to reduce barriers to BFET participation, making it more accessible and beneficial for institutions and students alike. Through these strategic investments, LISC Puget Sound is committed to creating sustainable, impactful employment and financial coaching programs across Washington State.

Policy and Systemic Change

Together with our partners, we aim to:

  • Tackle systemic barriers to employment and financial well-being through policy and systems change.
  • Expand the utilization of the Basic Food Employment & Training (BFET) program to unlock federal dollars for job training and financial coaching, especially within BIPOC-led and serving organizations.
    New Grant Opportunities
    Financial Opportunity Center® Model

    The Financial Opportunity Center® (FOC) model addresses critical community needs by providing comprehensive support to individuals and families, particularly those from marginalized communities, who are facing financial instability and economic hardship.

    Empowering Financial Stability

    The FOC model is attuned to the deep-rooted economic disparities prevalent in many communities, especially among BIPOC households. By offering key services such as financial coaching, employment counseling, and income support counseling, the FOC empowers individuals to overcome systemic barriers, achieving financial stability and prosperity.

    Navigating Benefits Cliffs

    Acknowledging the challenges posed by benefits cliffs, the FOC model provides tailored support and guidance. This ensures that participants can smoothly transition from public benefits to wage gains without risking financial instability or reduced economic mobility.

    Supporting Employment and Career Advancement

    LISC Puget Sound recognizes that securing employment is just the first step toward financial stability. The FOC model supports job retention and career advancement, helping individuals navigate the complexities of benefits cliffs and financial planning, thus promoting greater economic stability for both families and employers.

    Promoting Financial Wellness

    Through financial coaching, resource navigation, and credit counseling, the FOC model fosters financial wellness among participants. These services are designed to help individuals build budgeting skills, access essential financial resources, and plan for long-term stability.