March 2020 Newsletter
RAISE Texas News
2020 is Full of Great Opportunities to Increase the Financial Stability of More Texans
RAISE Texas is focused this year on two broad activities. First, through the Texas Statewide Financial Coaching Hub RAISE Texas and our key partners are expanding financial coaching services and providing support services. Second, with almost a third of Americans not saving at all for emergencies, we need to increase savings opportunities for more Texas families. Through our Emergency Savings Working Group we are beginning to look at ways to expand financial stability throughout the state! To cap off the year, we will be having a RAISE Texas Summit in early November. More details will follow throughout the year. Visit our new website at www.raisetexas.org for information and resources to help you serve your communities.
3 Simple Ways to Get Involved and Support RAISE Texas
The RAISE Texas network is made up of over 2,400 nonprofit organizations, for-profit corporations, government entities, and financial institutions. Are YOU a part of the network? If not, start today!
- The best way to get involved is by becoming a member of the RAISE Texas network. RAISE Texas members benefit from discounted event prices, opportunities to be part of working groups or to be a partner for a pilot program. Become a member today!
- YOU can support the asset building work in Texas when shopping! AmazonSmile will donate a portion of your eligible purchases to RAISE Texas if you use our link. So use this link www.smile.amazon.com/ch/26-2087882 when shopping and support our network.
Texas Organization Selected for the 2020 Your Money, Your Goals Cohort
Congratulations to the 34 organizations from across the country joining the 2020 Your Money, Your Goals Cohort. These organizations represent 22 states and consist of 25 nonprofits, 9 government entities and at least 10 serve rural communities. RAISE Texas is thrilled to see cdcb come dream. come build from Brownsville, Texas was selected for the 2020 cohort. Many organizations in Texas have taken advantage of these tools to strengthen their ability to serve their communities. For more information on the cohort and the Your Money, Your Goals tools, click here.
Have you Heard About the Texas Coalition on Coerced Debt?
The Texas Coalition on Coerced Debt (TCCD) was formed in partnership with Texas RioGrande Legal Aid, the Texas Council on Family Violence, Texas Appleseed, and Texas Legal Services Center. The TCCD seeks to bring together victim service providers, financial institutions, attorneys, and law enforcement to help address the problem of coerced debt in Texas. The Coalition offers resources, training, and technical assistance on issues related to coerced debt. Is your organization interested in training on coerced debt issues? Do you have questions about how TCCD can help your organization? Do you need to refer a case for further assistance on a coerced debt issue? TCCD is here to help! Please reach out to us at TexasCoalitionOnCoercedDebt@gmail.com.
New Takeaways on the Devastation of Hurricane HarveyThe Federal Reserve Bank of St. Louis recently released a new report, Hidden Financial Devastation Followed Hurricane Harvey. Key takeaways in the new report reveal that prior research has shown hurricane victims have short-term and minor financial stress from flooding; but after breaking down data it showed that some of the victims suffered persistent financial stress. And, those victims that lived in parts of Houston with little expectation of flooding and who were in weak financial positions before the hurricane were the most negatively affected by the storm. Click here to read this interesting article.
Blog Post: Can’t Afford to Retire? Not All Your FaultSquared Away Blog recently posted about how Americans are stressed about their current and future financial situations, including retirement. According to new survey results from the National Association of Personal Financial Advisors, one in three baby boomers feel they will not be able to retire, and three out of four Generation Xers wish they had planned better for retirement. But, the blog shares that the responsibility does not fall only on the workers’ to save enough for retirement because of the big gaps in the U.S. retirement system that make it difficult to retire. Pensions make it easy to save for retirement, but the private sector is not offering pensions much anymore. In fact, more than half of U.S. workers do not have a pension or a 401(k) in their current job which makes it difficult to save. Income amounts affect the ability of a worker to save for retirement too, with research showing that high-income workers save 6.1 percent of their income while workers in the bottom half save 2.8 percent of their income for retirement. Find more data here about the state of retirement savings in the U.S.