Strengthening the Financial Future in

Oregon

Laura ChoiCommunity Development

“If you want to lower my blood pressure, help me pay my electricity bill”

“About 60% of intakes into the state and federal prison systems report annual incomes under $12,000.”

Housing plays a central role in the financial stability, or too often the instability, of America’s families and communities…Housing stability is itself a predicate to financial stability.

Financial health and well-being are preconditions for nearly all the long-term outcomes that collectively allow people and places to thrive.

• Income and expense volatility

• Changing nature of employment

• Financial mismatch

• Role of short and long term savings

Understanding Financial Insecurity

SOURCE: 2016 Assets & Opportunity Scorecard, Census Bureau, Survey of Income and Program Participation (SIPP)

OR36.3%

U.S.43.5%

Households that Are Liquid Asset Poor

Portlan

d Sa

lem Alban

y

McM

innville

Medford

Gresham

Redmond

Sprin

gfield

Grants

Pass

Woodburn

0%

10%

20%

30%

40%

50%

60%30

.2% 39

.5%

39.6

%

42.2

%

43.9

%

44.9

%

45.5

%

49.6

%

53.9

%

54.5

%

Share of Renter Households that Are Cost Burdened, 2014

SOURCE: U.S. Census American Community Survey

Sprin

gfield

McMinnvill

eSa

lem

Woodburn

Portland

Gresham

Albany

Medford

Grants Pass

Redmond0%

10%

20%

30%

40%

50%

60%

70%53

.3%

53.7

%

53.9

%

54.1

%

54.2

%

57.8

%

60.1

%

61.6

%

62.0

%

64.0

%

OR55.1%

U.S.52.3%

Defining Financial Well-Being

Source: CFPB

Present Future

Security Control over your day-to-day, month-to-month finances

Capacity to absorb a financial shock

Freedom of choice

Financial freedom to make choices to enjoy life

On track to meet your financial goals

The Four Elements of Financial Well-Being

What Influences Financial Well-Being?

Source: CFPB

Social and economic environment

Personality and attitudesDecision context

Knowledge and skills

Available opportunities

Behavior Personal

financial well-being

The choices we make

are only as good as

the choices we have

Innovative Cross-Sector Partnerships• Lending Circles + Immigrant Services

• One Stop Benefits + Community Colleges

• Financial Coaching + State Dept. of Health & Human Services

Building Financial Well-Being through the Housing Field

Organizational • Housing stability • More income for food, education, saving • Integrated resident services

Systems • Promoting affordable housing in communities of opportunity • Strengthening housing non-profits

Expanding Reach through Partnership

Individual Development Accounts97,000 over 15 years

Financial Coaching10,000 clients/month

Volunteer Income Tax Assistance3.7 million last year

10 million people enroll in community colleges every year

17 million families in the child support system

24 million people served at Federally Qualified Health Centers

Building Bridges• Who are the “unlikely partners” we can bring to the

table?• How does financial well-being cut across our work?• How do we advocate together for better policy?