According to a new study published by researchers from the Brookings Institution, Harvard’s Kennedy School of Government, and Johns Hopkins University, Millennials are at a distinct disadvantage when it comes to retirement savings.Read More
The Consumer Federation of America (CFA) released a report detailing the most common consumer complaints. The report is aggregated from data collected from thirty-five agencies from twenty-one states. In total, the agencies surveyed received 1,148,848 complaints last year.Read More
In an effort to create a tool that enables and empowers youth workforce development organizations to provide even more effective financial education and access to safe savings opportunities, Prosperity Now and the Citi Foundation partnered to launch the Youth Financial Capability Fund (YFCF).Read More
In 2019, Next Gen Personal Finance (NGPF) researchers discovered that a mere 16.9% of U.S. high school students attending public schools (1 in 6) took at least a semester-long personal finance course that was required for graduation.Read More
The Prosperity Now Scorecard, an interactive tool that provides data on the financial health of households in the United States, has been updated with localized data. This updated report provides new data at the local level, with outcomes measurements across five issue areas for cities, counties, metro areas, tribal areas and Congressional Districts.Read More
The National Endowment for Financial Education partnered with Montana State University to study the impact mandatory K-12 financial literacy education can have on a young adult’s post-secondary outcomes. The study highlighted the causal effect of state-mandated financial education as a graduation requirement. Positive outcomes included: increased likelihood that students will apply for financial aid; decreased private loan amounts for borrowers; and more.Read More
According to Prosperity Now’s Affordable Homeownership team, matched savings programs (such as individual development accounts [IDAs]) can help families with down payment assistance, making the goal of ownership within reach.Read More
Although Indianapolis has experienced dramatic growth in the past few years, many low-income families are being left behind or forgotten by traditional financial institutions, worsening an already difficult situation.
“It is so expensive to be poor,” said Kathleen Lara, Prosperity Indiana Policy Director. “The barriers are multitudes. If we’re trying to address equity and building wealth for low-income individuals, we’ve got to reduce some of the barriers that drain wealth.”Read More
On May 21, the Legislative Council for the Indiana General Assembly released a resolution outlining the study topics assigned interim study committees. Although a proposed study committee focused on financial security in retirement for all Hoosiers did not get assigned to a committee, a second resolution we have been monitoring did. The resolution would open the door for revisions to the Uniform Consumer Credit Code (UCCC), a set of regulations that governs multiple forms of lending (including payday lending).Read More
June. It's the time of year when we break out our neon flip flops, inflate the beach balls that have been slowly deflating in the solitary confines of our storage closets, and get sunburns we hope and pray will turn into a decent tan (friendly reminder: wear sunscreen!). However, for many Hoosiers, it's also a month to celebrate and embrace their identity.
Earlier this month, thousands of Hoosiers celebrated Pride by parading through the streets of Indianapolis with rainbow flags and apparel, expressing love for their brethren who identify as LGBTQ+. The display of support for the LGBTQ+ community was inspiring and heartwarming for me. However, many groups at the festivities brought attention to the difficulties facing the LGBTQ+ community, including high suicide rates, increased housing instability, and violence.Read More
Although most states, including Indiana, enjoyed a slow-growth of the middle class between 2016 - 2017, a staggering number of households have not recovered to the levels of 2000. Since the Great Recession of 2008, the middle class has not rebounded financially as well as economists would have hoped, leading to growing concern from experts.Read More
According to “Bound: How Race Shapes the Outcomes of American Cities,” a new study from Prosperity Now which uses the most recent city-level data from the Prosperity Now Scorecard, more than 80 percent of U.S. residents now living in a metropolitan area. However, the benefits of living in these densely populated areas are not shared equally, especially when it comes to the economic well-being of different racial groups.
Researchers discovered that residential segregation remains one of the main forces driving disparity amongst racial groupsRead More
Join the Indiana Assets & Opportunity Network for a webinar featuring A&O Steering Committee Member Jake Brown, Assistant Vice President and Manager, CRA at First Merchants Bank, for a discussion on getting the most out of the community reinvestment act (CRA), the changes being discussed at the federal level, and more.Read More
With the month of April denoted as Fair Housing Month, I found it important to note the close ties between fair housing and asset building. Homeownership is one of the key ways families build assets. In order to lead strong, stable lives, families need to be able to buy or rent stable housing, which is the fundamental purpose of the fair housing laws.Read More
Dear Members of the Indiana General Assembly,
The undersigned organizations ask for your support to establish a 36 percent APR cap on small loans in Indiana. These loans are currently offered at rates of up to 391 percent APR. We also ask you to reject any bills establishing new loan products or expanding the allowable fees or interest on existing loan products if they exceed this 36 percent threshold, and apply the 36 percent threshold only to small loans.Read More
In the wake of the defeat of SB 104 and the state senate’s passing of SB 613, Hoosiers from around the state have been standing up and voicing their concerns. Here are a few of the articles we’ve compiled (listed in order of publication date):Read More
In cities across the nation, the racial wealth gap is increasing each day, and marginalized communities are being left behind. According to the African-American Financial Capability Initiative, a coalition comprised of more than 30 organizations across the nation, the racial wealth gap has grown three-fold in the past 25 years.Read More
According to a new Asset Funders Network report, Millennial women represent more than 30 percent of the U.S. female population but, unfortunately, are not receiving the benefits from current economic policies and systems despite rising college attendance rates and career opportunities.Read More
On March 11, Prosperity Indiana and the Indiana Assets & Opportunity Network were joined by dozens of military and veterans’ groups, faith-based organizations and churches, social service providers, community organizations, concerned citizens, and more at the Statehouse for a Reject Senate Bill 613 press conference.Read More
The members of the Midwest Asset Building Conference Planning Committee [The Community Economic Development Association of Michigan (CEDAM), Illinois Asset Building Group, Prosperity Indiana/the Indiana Assets & Opportunity Network, Ohio CDC Association and Minnesota Asset Building Coalition] are currently seeking innovative and engaging speakers and presenters focused on asset building and financial empowerment in the Midwest.Read More