Thirty million workers in the US today between 18 and 64 years of age earn $9 per hour or less. This equates to $18,800 per normal work week and it at the poverty level for a family of four. This means one in four people are at the poverty line. And sadly, this number is growing. An added burden to low wage families are lack of common employee benefits such as health care, sick leave or even vacation time. A single catastrophic even such as illness can leave these families with out shelter or adequate food.
These REAL Families constitute 26% of the work force. 58% of low wage workers are women – many single parents. The shrinking middle class need affordable financial products and an opportunity to build wealth. Credit unions are the perfect solution. While fulfilling their social mission, credit unions recognize that serving the growing low-wage market makes good business sense. Affordable but sustainable products help modest income households use more of their earnings to build wealth. This coupled with financial education and mentoring insures members make good financial decisions for a better financial future.
Documents / Articles
- CUNA & NCUF Reach Out Conference: Strategies for Serving Low Wealth, Immigrants & Youth – White Paper
- Building Community Assets: Growing Lower-Income Credit Union Membership Through Community and Credit Union Partnerships – Woodstock Institute
- CFSI Underbanked Consumer Study Underbanked Consumer Overview & Market Segments Fact Sheet
- From Poverty, Opportunity: Putting the Market to Work for Lower Income Families – Brookings Institution
- Mobile Financial Services and the Underbanked: Opportunities and Challenges for Mbanking and Mpayments – CFSI
- The Mind of Low- to Moderate- Income Savers – Filene Research Institute
- Helping Credit Unions Serve Low-Income Communities: Challenges, Strategies & Recommendations for Foundations – NED & LC
- Filene Report Advocates New Yardstick for Credit Card Debtors’ Ability to Repay – CU Times Article
- Low Wealth Household Resource List
- What Does Wal-Mart’s Latest Initiative Mean for You? – 6/2 Callahan & Associates
- Banks Are Missing Opportunities With Low-Income Customers – Wall Street Journal Article
Serving People with Disabilities
Documents
- Educating Democracy – Tax and Financial Service Needs of Working Americans with Disabilities
- IRS Research Report – Characteristics of Disabled Taxpayers Ages 18 to 59
