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STEP ONE - INCREASE INCOME
Research shows that as many as one-third of working Americans do not earn enough money to meet their basic needs. United Way's solution begins with tools and strategies that help families increase an maximize their income in order to meet daily expenses, as well as to begin the longer-tern process of saving and building assets.
STEP TWO - BUILD SAVINGS
Our nation's personal savings rate in 2006 was negative 1 percent, the lowest since the Great Depression. Though saving is important for individuals and families at all income levels, it is especially critical for low-to moderate-income families, who often have no assets or access to credit and have a harder time remaining financially stable during changes in income due to illness, job loss, or other unforeseen events. This step in the framework underscores the importance of saving and provides access to products/services that make it easier to do so.
STEP THREE - GAIN AND SUSTAIN ASSETS
As people increase their income, enter the financial mainstream through relationships with financial institutions, build savings, and reduce their debt, they will be better positioned to make choices about their financial well-being. These choices may include asset purchases such as a house or vehicle, retirement and /or college savings, or the creation of a small business. This step offers strategies for individuals and families to achieve their asset goals and, once they have done so, to continue to build and sustain their assets in the long term.
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