RAISE Texas Virtual Action Summit: The Roadmap to Financial Resilience
November 05–06, 2020Online
Hosted by RAISE Texas and the Federal Reserve Bank of Dallas
COVID-19 has disrupted the lives and financial security of lower-income families and individuals. Service providers report that rampant job losses have exacerbated the pre-pandemic challenges faced by the poor and communities of color. Educators and community-based organizations have shifted how they connect with students and clients, magnifying the digital divide. Young people and working adults have sought upskilling opportunities to join and remain in the workforce. Moreover, emergency savings that could have mitigated the impact of the economic shock have been exhausted or were never there to begin with.
In the face of these challenges, however, we’ve seen communities step up to address the economic impact of COVID-19. The summit will highlight promising response models and explore three key stages to implementing solutions that break down barriers and build long-term financial resilience for vulnerable populations.
Stage 1: Achieving short-term financial stability Short-term financial stability is defined as having a financial cushion to cope with everyday disruptions. This portion of the program will explore the tools needed to support family financial security and identify gaps.
Stage 2: Achieving income stability Communities partnerships and pipelines are needed to connect clients to organizations that provide targeted curriculum, GED support, technical training, certification training and job preparation. This part of the summit will take a look at income products and services to help households keep more of their income.
Stage 3: Crafting emergency savings accounts Without savings, households have greater financial stress and may not be able to bounce back from emergency situations. This section will highlight solutions, products and platforms to help Texans better prepare for the uncertainties of life.