Financial Security Network Newsletter: January 2023

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Spotlight

Our Economy is Changing. Our Approach to Financial Security Should, Too.

If we are to envision an economy that is just, fair and free from structural racism, we also need to change the way in which we frame our financial capability work. And to build power in communities and help families build sustainable wealth and prosperity, we must critically look at and reimagine the available pathways to wealth-building and understand the reality which underserved groups are forced to navigate. With support from the Target Foundation, we sought to do just that.

In a new report [[link removed]], we explore the financial security ecosystem through the lens of two target populations, Opportunity Youth and Immigrant Communities, and examine how service providers are currently addressing the groups’ needs.

Read the Full Report [[link removed]]

VITA is VITAL for Financial Security

It’s time to put away our novelty 2023 glasses to focus on the highlight of January: the start of the tax filing season. Although the April 18 Tax Day deadline is a few months away, we want to give you six ways local Volunteer Income Tax Assistance (VITA) sites can jump-start financial wellness in the new year!

History Matters: The VITA program [[link removed]] has been providing no-cost, highly accurate, IRS-certified tax preparation for more than 50 years across the country. That means tax returns will be in the hands of a qualified, dedicated volunteer committed to accurately completing them. More Money for You: Since the VITA program is no-cost, 100% of refunds will go directly to the taxpayer, rather than fees or transaction costs! Not Just Taxes: Most VITA sites will be able to connect clients with crucial financial capability and other social benefits services such as SNAP, WIC, or banking. File Local: VITA programs are community-based organizations – not a fly-by-night pop-up shop. You can find local VITA sites within and partnered with other community pillars such as the library, financial institutions, and schools and universities. Done Once, Done Right: We encourage you to find local VITA sites [[link removed]] and share this information with clients. Make sure your clients’ documents are in order before heading onto the site. Some common ones are Form W-2 [[link removed]], Form 1099-MISC [[link removed]], and Form 1098-INT [[link removed]]!

If you are interested in learning more about VITA, community tax preparation and advocating for a more equitable, right-side up tax code, join the Taxpayer Opportunity Network [[link removed]] today!

Resources and Publications

Consumers and Businesses Face Uncertainty After CFPB Court Ruling [[link removed]] | Prosperity Now

The CFPB provides critical support to businesses and consumers alike. Dismantling it would put families, employers, and the economy at unnecessary risk.

Moving Up Together: Race & Poverty Pt. II on Apple Podcasts [[link removed]] | UpTogether

In this podcast episode, Cat Goughnour, the Director of Racial Wealth Equity Strategy at Prosperity Now, talks about how unfair policies that are often rooted in racism impact communities.

Racial Healing is at the Heart of Racial Economic Justice [[link removed]] | Prosperity Now

We need ALL races and ethnicities to collectively work together to advance racial economic equity through racial healing – to acknowledge, validate, and address past and present-day systemic racism and biases.

Weathering the Storms: Modernizing the U.S. Benefits System to Support Household Financial Resilience [[link removed]] | Aspen Institute

Financial shocks happen. This report from the Aspen Institutes advocates for changes in the American benefits system to help families feel better prepared for any unexpected emergencies and costs.

In the News

Social Security offices have been closed for most of the pandemic. That effort to protect public health has wounded some of the neediest Americans. [[link removed]] | Washington Post

Because Social Security offices have been closed throughout the pandemic, getting a Social Security card requires access to computers or the internet. The Americans who need face-to-face services the most due to the digital divide [[link removed]] often give up trying.

How We Can Make Martin Luther King Jr.’s Dream of Ending Poverty A Reality [[link removed]] | TIME Magazine

While we celebrate Martin Luther King Jr’s life and legacy, Michael Tubbs of TIME Magazine tells us we need to support policies such as guaranteed income and the Child Tax Credit because they reflect MLK’s work.

Racial Wealth Inequality Gradually Declines, But That Is No Reason To Celebrate [[link removed]] | Forbes

While a shrinking wealth gap is better than a widening wealth gap, the existing gap is so severe that the only way real change can be made is through large wealth transfers that are unrealistic in the current political landscape.

Upcoming Events & Opportunities

Building a Financially Resilient America: The Urgency and the Opportunity of Now [[link removed]] | Aspen Institute | February 1, 2023| Virtual

Fellowship Application [[link removed]] | Echoing Green | Application accepted Jan 24 – Feb 7

Echoing Green is seeking leaders who reflect the community they serve and bring deep knowledge of the issues into their work as they co-design solutions with and for their communities.

Bridging the Wealth Gap: A Virtual Experience [[link removed]] | Black Enterprise Town Hall | February 23, 2023 | Virtual

Building an Equitable Financial Ecosystem for Texans [[link removed]] | Raise Texas Summit | March 2-3 | Dallas, Texas

Bridging the Credit Gap: 10th Annual Credit Building Symposium [[link removed]] | Credit Builders Alliance | June 7-9 | Washington, DC

Racial Justice Trainings [[link removed]] | Race Forward |Multiple dates and times provided

Race Forward offers various trainings for different skill levels, including Building Racial Equity, Organizing Racial Equity, Shifting Power, and Decision-Making for Racial Equity.

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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