$74,000 will support ALICE families in the region
DANBURY, Conn. (September 13, 2016) — United Way of Western Connecticut (UWWC) announced today the creation of its Financial Opportunity Center and the partner agencies that will work together to provide financial literacy services to the local community. Grants totaling $74,000 will be given to three non-profit agencies in the region. Women’s Business Development Council (WBDC) will receive a grant award of $39,000 to provide services in Danbury, New Milford and Stamford; Domestic Violence Crisis Center (DVCC) in Stamford will receive a grant award of $20,000; and The Bridge To Independence and Career Opportunities (TBICO) will receive a grant award of $15,000 to serve clients in Danbury and New Milford.
Each agency will deliver financial literacy courses and budget coaching to individuals in the ALICE® (Asset Limited, Income Constrained, Employed) population. ALICE refers to people who are living paycheck to paycheck and often struggle to afford life’s basic necessities. The partner agencies have agreed on three main outcomes to measure success: improving the credit scores of clients, helping them achieve one personal financial goal, and ensuring that they adhere to a household budget for at least six months.
Additionally, in the spring of 2017, UWWC will launch an incentivized savings program for individuals who complete the financial coaching sessions at WBDC, DVCC, and TBICO. The savings program will allow participants to deposit regular savings into a special bank account in order to work toward building savings for emergencies and toward financial goals that include education, housing, and transportation. Participants in this program will receive a monetary match toward their savings when they meet defined savings benchmarks.
UWWC funding priorities for 2016 - 2017 were based on 27 community conversations and 520 survey results from residents from Stamford, greater Danbury and greater New Milford. We learned that the biggest challenges facing ALICE households in our region are saving for a house and emergencies, paying for childcare, and having enough food.
“United Way is pleased to implement a series of programs that we believe will provide an immediate positive impact on the lives of hard-working individuals in our community,” said Kim Morgan, CEO of UWWC. “Our ALICE report from 2014 revealed that 35% of households in Connecticut are struggling to make ends meet each month. Our investment in financial education and savings opportunities is a response to that report and our own community conversations. I am confident that if we can assist individuals through financial education and provide them access to desperately needed savings, then they will be propelled to future success.”
For more information on the financial literacy programs, please contact United Way of Western Connecticut at (203) 297-6674.