Asset Building

Asset building helps people save, invest in their futures and build financial skills. Oregon Individual Development Accounts are only one tool in a toolbox of “asset building” strategies. An asset can be a home, business, education, car or any tangible thing of value. On our financial journey we can run into potholes of debt, like flat tires, job loss, fender benders, or hospital bills. But a strong foundation of assets and financial skills helps us bounce back from those setbacks and get back on our journey. According to the CFED Assets and Opportunity Scorecard, Oregon ranks 22nd in financial security. This means that 36% of Oregonians could not live at poverty level for three months if for whatever reason they no longer received their monthly income.

Asset Building Coalition

Neighborhood Partnerships convenes the statewide Oregon Asset Building Coalition. Our goal is to build relevant and sustainable paths to economic opportunity.

In 2015, the Coalition’s first year, we renewed the Oregon IDA Initiative Tax Credit. As we move forward, we will advocate for legislation and funding to establish a robust Children’s Savings Accounts statewide platform.

 

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Children’s Savings Accounts (CSAs) can help low- and moderate-income families go to college and get good jobs. Research indicates that children from families with low to moderate incomes with college savings of just $500 or less are 3 times more likely to enroll in college and 4 times more likely to graduate.

Tackling money and credit problems is as much an emotional and psychological journey as it is a practical one. But it’s life altering when you take control of what has been out of control for so long. Transformation is at the heart of the Your Money Your Goals Toolkit (YMYG), designed by the Consumer Financial Protection Bureau (CFPB). The free Toolkit makes it easy for social service providers who don’t have this expertise to set and customize client financial goals, choose financial products and build clients’ money management skills. Neighborhood Partnerships has been leading the effort to get the Toolkit in the hands of more Oregonians.

Visit the YMYG website

NP is a founding partner of Bank On Oregon, which works to ensure that all Oregonians have access to financial solutions that improve the lives of individuals, families and communities. The added economic stability gained through increased access to financial services benefits the entire state of Oregon. Bank On Oregon brings together consumer advocates, financial education providers, banks and credit unions, state and local government, and community institutions in a voluntary effort to centralize information, ensure quality product offerings, and ease consumer entry into the financial marketplace.

Visit BankOnOregon.org