The community and family issues that stem from the economic and financial pressures facing individuals and their families are growing increasingly complex and more difficult to address. Wages have not kept pace with the rising cost of housing, healthcare, and education in many areas, and skill levels have not stayed in alignment with changing industry needs. As a result, more than 12 percent of the U.S. population has an income below the federal poverty level, in spite of the fact that many are employed, some with two or three jobs.
The United Way Financial Stability Partnership was created to strengthen communities by identifying and tacking the underlying causes of the financial hardship facing today’s families. United Ways bring together cross-sector partners to help lower-income individuals and families achieve financial independence by empowering them with the tools and skills necessary to maximize their income, build savings and gain assets.
Income
As many as one-third of working Americans do not earn enough money to meet their basic needs. These individuals are walking a financial tightrope — they are barely able to get by, with no ability to save for college, a home, or for retirement. The United Way Financial Stability Partnership™ was created to help lower-income individuals and families increase and maximize their income in order to meet daily expenses, as well as to begin the longer-term process of saving and building assets.
63 percent of U.S. families below the federal poverty line have one or more workers, according to the Census Bureau. (Source: Michelle Conlin and Aaron Bernstein. “Working…and Poor”, Business Week, May 31, 2004)
More Stats>>
What is a 529 College Plan?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. There are two types of 529 plans: pre-paid tuition plans and college savings plans.
Learn More>>