We are a leader in building the financial capability of all Cleveland’s residents by creating high-quality financial services that empower people to build wealth. We will be a thought leader on financial empowerment by changing the conversation from financial literacy to financial capability of the individual resident.
Asset poverty is defined as not owning enough to survive for three months at the poverty line without a job.
More than one-quarter of the country’s population is asset-poor and one in every three households with children lives in asset poverty. Over 20% percent of all households and 24% of minority households live in extreme asset poverty, meaning they have zero or negative net worth.
In Cleveland, nearly half of the population lives in asset poverty, while a third of the population lives in extreme asset poverty. Over half of African-American households in Cleveland are asset-poor.
Assets matter. Assets help to increase household economic stability, educational attainment and economic mobility. Assets provide a personal safety net. Asset-building strategies must be established and funded in order to reverse income and wealth inequalities.
Neighborhood Progress is dedicated to expanding economic opportunities for low-income families and communities and closing the financial gap. Our programming supports wealth-building, grows financial security, increases financial access, and provides a comprehensive asset-building strategy and implementation plan for communities.
For more information, contact Sheri Dozier, Director of Economic Opportunity, at 216.453.1452 or firstname.lastname@example.org