Financial Stability
Community Vision
With the right tools, all Broome County families can have the earnings, income, and assets to be financially stable.
The Challenge We Face
According to the ALICE (Asset Limited, Income Constrained, Employed) Report, the household survival budget of a family of four in Broome County totals to $57,696 annually, significantly greater than the U.S. poverty level of $26,200. In Broome County, 44% of residents live below the ALICE report level, meaning that many families struggle to make ends meet, even though they may be employed. In Broome County, the poverty rate is 17%, and the child poverty rate is 24%. In census tracts around the county, the poverty rate is estimated to be double the county average. There may also be barriers to individuals becoming – and staying – employed. In Broome County, the average annual cost of full-time, center-based childcare is $10,712. A single parent with an infant pays 55% of their income on center-based childcare. That percentage increases to 100% when they have two children.
Office for the Assistant Secretary for Planning and Evaluation; 2020
American Community Survey; 2018
Family Enrichment Network Community Assessment; 2020
Goals
1
Decrease the impact of poverty and associated barriers to self-sufficiency.
2
Increase employment, advancement, and educational opportunities.
What We Plan To Do
The whole community benefits when more working individuals and families can stop walking a financial tightrope and get on solid ground. Financially stable people are more likely to have access to quality healthcare, provide a good education for their children, and contribute to their local economies. For people to achieve financial stability and subsequently improve their socioeconomic status, they need the education and skills to get a good-paying job with the possibility for promotion; access to affordable financial products; and the knowledge, skills, and supports to make choices that help them achieve their financial goals.
Key Strategies
Increase employment and advancement opportunities
Provide mentorship programs
Increase financial literacy programs
Increase access to improved housing options
2021-2022 Projected Impact
- 100 individuals will access affordable financial and/or legal services
- 30 individuals will access services like WIC, SNAP, TANF, etc.
- 215 individuals will be mentored through career planning, financial literacy, and/or life skills guidance
- 115 individuals will receive job skills training (technical skills, soft skills, etc.)
- 120 individuals will access transportation that were not able to before
- 25 parents or guardians will access childcare that were not able to before
- 155 individuals will access educational opportunities
- 25 individuals will access employment and/or advancement opportunities
Did You Know?
Adult vocational training is a scientifically supported strategy to increase earnings and employment. It may also decrease recidivism and decrease disparities.
Some evidence supports financial education for adults as a strategy to improve financial literacy and financial behavior.