Financial Stability

Building Financial Stability

Our Goal: Improve the financial stability of low-income families and veterans in Los Angeles County

Over the past decade, job growth in L.A. County has been led by low-paying   service and retail sector jobs that typically do not come with health insurance or other benefits. As a result, 15% of people in L.A. County live in poverty. That’s why we’re focused on job creation and financial education for hard-working families and individuals so they and our communities can thrive.

Because of heroes like you: 

• 4,200 adults received new jobs or advanced in their career ensuring their families’ security so they don’t have to choose between paying the rent, buying food or seeking medical care.
• Out of the 4,200 adults, 76% kept their jobs after 6 months.
• Over 39,000 tax returns were prepared for free under the Earned Income Tax Credit (EITC) campaign, bringing over $40M in refunds to low-to moderate income families and working individuals.
• 3,000 adults completed classes on financial education- 50% improved their financial habits within 6 months.
• 5,600 adults received job skills training.

Our Veteran’s Initiative
According to national research, veterans have been found to be two to four times more likely to be homeless than the civilian population. Research also suggests that in addition to being one of the demographics faring the worst in the stagnant employment market, post-9/11 Veterans are becoming homeless more rapidly than their counterparts in earlier eras.

With the military drawdowns from Iraq and Afghanistan, we expect that many of the 35,000 new veterans returning to California each year will return to Los Angeles County, historically the County with the largest veteran population in the country[i] [ii]. This will likely increase unemployment among this group in our county and put many of them at risk for poverty and homelessness.

As Home for Good continues its work to end veteran homelessness in Los Angeles County by 2017, our veteran’s initiative seeks to prevent further Veteran homelessness through employment and financial stability supports.  To inform our strategy and scope, United Way has commissioned the Los Angeles Economic Roundtable to provide the first in-depth research study of the employment and economic status of veterans in the County.  Based on the conclusions of this study, we will implement a community-based strategy aimed at reducing veteran unemployment, poverty, and homelessness in Los Angeles County through:

• Assistance with job readiness, placement, and retention;
• Supportive services for veteran employers;
• Public sign-on for local employers committed to hiring veterans;
• Facilitating a coalition of veteran service providers to promote a continuum of care;
• Developing a Labor-Veteran Council strategy and explore opportunities to create trade specific apprenticeships;
• Providing veterans with tools to facilitate reduced debt, improved credit score, lowered rate of delinquent bills, and other asset building strategies;
• Compiling and make available a County asset map for veteran services;
• Promoting free tax assistance for veterans.

Jorge’s Story
When he got out of the military, he had his life all planned out, but a tough economy and skills that were only useful in the Army made it difficult for him to return to civilian life. “It was closed door after closed door, after closed door,” he recalls:

http://youtu.be/G6M1CwpeDs4

Low-Income Families in Schools
Research shows that children growing up in neighborhoods with high levels of poverty and unemployment are much less likely to graduate from high school[iii].  Financial stability supports our efforts to improve education by providing parents with information and strategies that promote effective financial decision making and positive financial habits, including:

1. Job readiness and placement assistance.
2. Tools to facilitate reduced debt, improved credit score, lowered rate of delinquent bills, and other asset building strategies.
3. Provide information about community resources and public benefits.
4. Promote free tax assistance to parents.
5. Educate parents on college accessibility, college financing assistance, savings programs – and the importance of higher education on future earnings.