Income
United Way helps Americans achieve financial stability
As many as one-third of working Americans do not earn enough money to meet their basic needs. Wages have not kept pace with the rising cost of housing, healthcare and education. Our nation’s personal savings rate in 2006 was the lowest since the Great Depression, -1%. For families walking a financial tightrope, unable to save for college, a home or retirement, United Way is here to help.
Our Goal
In 2008, United Way initiated an ambitious 10-year plan to cut in half the number of lower-income families who are financially unstable. With your help, we believe that by 2018 we can help 1.9 million working families get on the road to economic independence.
Our Strategy
We created the United Way Financial Stability Partnership to identify and tackle the underlying causes of the financial hardship facing today’s families. On the community-level, local United Ways also bring together cross-sector partners to empower lower- to moderate-income individuals and families with the tools and skills they need to maximize their income, build savings and gain assets.
Our Focus Areas
How You Can Help
Volunteers make United Ways’ tax assistance and financial education programs possible. We need your help, even if you don’t have an accounting background. Volunteer to help.
Increase Income
- Educate communities about the Earned Income Tax Credit (EITC), a federal aid program for low- to moderate-income workers. Though free tax preparation and other services, we’ve helped thousands of families claim billions in EITC refunds.
- Support workforce development and training, including job readiness and soft skills training; remedial and continued education; specific job-related skills training; and services that help individuals obtain and maintain employment, such as transportation and childcare.
- Work with families to repair their credit and reduce their debt.
- Ensure that eligible Americans utilize their public and employer benefits, such as food stamps, health insurance, retirement savings plans and other public and employer-provided benefits. Software and web-based applications (“benefit calculators”) that simplify the eligibility and application processes prove to increase enrollment.
Build Savings
- Move low- to moderate-income individuals into banks and credit unions through free tax preparation services. United Ways also work with financial institutions to create products that better meet the needs of this population.
- Support savings campaigns, such as America Saves™
- Encourage "split refunds" — directly depositing tax refunds into checking, savings, and retirement accounts.
Gain and Sustain Assets
- Support Individual Development Accounts (IDAs), matched savings accounts provided by a variety of government and social sector sources to help low- to moderate-income families accumulate savings for long-term assets. Many local United Ways provide financial support and oversight to a collaborative of community-based organizations that administer IDAs.
- Offer asset-based financial education, a requirement for all IDA participants. Some programs also integrate information on how to protect assets in the event of an emergency, such as a change in marital or employment status, short term disability or illness.
