February 10, 2009

Today's economic times are tough, and the setbacks that can affect financial well being are magnified for those individuals who were already struggling. That's why Heartland Alliance for Human Needs & Human Rights offers an array of financial education programs that share a common goal: increasing the assets of these families and individuals through financial literacy training, matched savings accounts, and escrow funds.

More than 100 participants of Heartland Alliance's financial education programs were recently recognized at the "Celebration of Success" event. At the event, several participants shared their stories of improving their credit scores, finding better jobs, and going back to school. One former Katrina evacuee proudly shared that he would soon be buying his first home.

Program participants also received a graduation gift, posed for photos, and enjoyed dinner and dessert with their friends and families, commemorating their hard work and honoring their progress towards building financial assets.

Assets don't have to mean a blue-chip stock portfolio—Heartland Alliance defines assets as anything that can help an individual or a family get ahead: a savings account, a home, a driver's license, a steady income, good credit, a GED, or a college degree. Building assets gives a family financial security should the unexpected happen: a sudden job loss, a medical emergency, a family crisis, or the loss of benefits.

Asset building is even more important during an economic downturn. One in 10 Illinois families meets the government's definition of poverty, which means they don't bring in enough income to meet the family's basic needs. But if a family loses its main source of income, over 1 in 4 Illinois families does not have enough assets to meet their basic needs for just three months. 

Since Heartland Alliance started its asset-building programs in 2006, we have provided financial education for more than 1,800 disadvantaged people in Chicago. Participants have saved more than $33,000 in savings accounts, and have earned more than $85,000 in matching and escrow funds.

And research shows that families with assets tend to save more, work more and earn more, care for their property, get involved in their communities, and plan for education and retirement. Assets help families get ahead, instead of just getting by.

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