CitySquare and Frost Bank Empower Neighbors to Escape Asset Poverty
|Date: May 1, 2017|
Financial coaches at CitySquare WorkPaths regularly work with neighbors struggling to escape asset poverty, defined as not having the resources to provide for basic needs for a period of three months. Individuals living in asset poverty are often said to be one crisis away from homelessness.
For the past six months, CitySquare has worked to empower five individuals to escape asset poverty through budgeting, saving and a money match program. Frost Bank sponsored the program, providing free savings accounts to the neighbors in addition to a dollar-for-dollar match up to $500 each.
At the end of the six months, the neighbors all made substantial progress, with four of the five having saved at least $1000. On Thursday, April 20, CitySquare hosted a dinner for the neighbors in celebration of their achievement.