Studies show that low-income families are more likely to be unbanked and “underbanked” than families with higher earnings. Lacking a bank account or depending on alternative financial services leads to significant financial barriers for low-income families that hinder economic growth and social mobility. This session will evaluate strategies that local and state human services agencies are testing to equip TANF recipients with the financial knowledge and resources they need to overcome barriers to financial security, including ACF’s Asset Initiative Partnership. Gretchen Lehman (Administration for Children and Families) will moderate this session.
• Financial Counseling and Financial Access for the Financially Vulnerable
Kasey Wiedrich (Corporation for Enterprise Development)
The presentation examines financial management strategies among low-income families. Two research studies are described: Children's HealthWatch and Witnesses to Hunger.
• Building Economic Self-Sufficiency of TANF Clients Through Financial Education and Matched Savings
Kate Griffin (Corporation for Enterprise Development)
The presentation describes data from a financial education program for TANF recipients that provides training in budgeting and credit management. The pilot was started in July 2013 with the Utah Department of Workforce Services.
• Financial Management Strategies of TANF and SNAP Recipients: Lessons for Policy Makers and Administrators
Mariana Chilton (Drexel University)
The presentation describes a completed research project that looks at the impact of the AFCO financial counseling program for families leaving TANF and entering into a work-ready context.
These presentations were given at the 2014 Welfare Research and Evaluation Conference (WREC).