Forsyth County, North Carolina

We believe every person deserves access to the financial resources needed to meet their basic needs, achieve their goals, reach their potential, and make a positive impact.

Asset Poverty is…

Asset poverty is a condition that is more persistent and prevalent than general poverty, defined by the inability to access the resources needed to provide for basic needs for three months.

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Let’s begin by talking about Financial Stability.

Financial stability is the foundation of a person’s ability to be self sufficient, thrive, achieve goals, and ensure that their family’s basic needs are met.

Without financial stability, a family’s basic needs will likely not be met. When people are forced to go without their basic needs, it is difficult or impossible to thrive or make a positive contribution — in school, at work, or in community.

Financial Stability Illustration

Basic Needs

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Housing

Utilities Icon

Utilities

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Food

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Transport

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Childcare

Experiencing Asset Poverty means living paycheck to paycheck.

Let’s look at an example of how Asset Poverty affects people living in Forsyth County:

Meet Cheryl and Jefferson

Meet Jefferson and Cheryl

Asset Poverty asks the key question:
Does this family have three months’ worth of living expenses on hand that they could use to weather a disruption of their income?

Without three months worth of money to cover basic needs, a family is at risk of losing financial stability in the event of a job loss, illness, injury, or some other type of financial disruption. Such an event might cause a family to go without food or childcare, or potentially lose their transportation or housing, as examples.

Importantly, this does not include spending on discretionary expenses like clothing, entertainment, or other non-essentials; it solely includes a person’s ability to pay for just their basic needs for three months.

Am I Experiencing Asset Poverty?

Those who don’t have three months’ household living expenses set aside are experiencing a condition called asset poverty.

Asset Poverty

Asset Poverty is when an individual or family lacks the savings to cover basic expenses (at federal poverty level) for three months if their income is interrupted.

Does your household have enough savings to meet your basic needs for three months?
Basic needs include things like housing, utilities, food, transportation, and childcare.
YES

That’s good news! Did you know that 39% of households in Forsyth County do not have three months of resources set aside? This is called Asset Poverty and it has a big impact on our community overall.

LEARN ABOUT THE COMMUNITY IMPACT

NO

You’ve taken an important step in understanding your household’s financial situation. Building a plan to set aside money is a great next step, and will help a lot if something unexpected happens, like a job loss or health crisis.

LET’S GET STARTED BUILDING A PLAN!

I DON'T KNOW...

Understanding your household’s financial situation is the first step in being prepared for an unexpected life event like a job loss or health emergency.

TAKE THE FIRST STEP NOW

Ready to save but not sure where to start? We can help!

The Impact of Asset Poverty on Forsyth County, North Carolina

About 1 in 4 North Carolina households experienced Asset Poverty.

about 1 in 4 households experienced Asset Poverty in 2019

About 1 in 4, or 28%, experienced Asset Poverty in 2019.

Disparities in Asset Poverty rates by race/ethnicity demonstrate how the impact is disproportionate.

When we look just at the numbers of households affected by Asset Poverty, the disproportionate impact is not clear.

What about other races and ethnicities?

The “other” category includes: American Indian and Alaska Native, Asian, Native Hawaiian and other Pacific Islander, or some other race. “Other” is omitted here because it is too small of a percentage of the population which makes any estimates on these groups statistically unreliable.

If you have questions, please contact info@forsythfutures.org.

When we look just at the numbers of people affected by Asset Poverty, the disproportionate impact is not clear.

However, when we look at the percentage of households that experienced Asset Poverty it is clear that non-White households were impacted at a rate that’s more than double the rate at which White households were impacted.

  • Black or African American 46% 46%
  • Hispanic/Latino 47% 47%
  • White, non-Hispanic 20% 20%

Identifying Issues of Equity: As a community, it is critical that we take note of instances when the outcomes experienced by one group are disproportionate to the outcomes experienced by another group. 

Announcing the ABC Data Exchange

diverse people

Our Coalition is excited to announce the ABC Data Exchange — an informational resource that offers in-depth data and context on the issue of Asset Poverty in Forsyth County, North Carolina.

Click any link on the right to dive in!

Financial Assets and Income

Businesses and Jobs

Housing and Homeownership

Healthcare and Wellness

Education and Development

Our community benefits when we all build assets and save.

What role can you play?

 

EMPLOYERS

Asset poverty has a big impact on our community’s overall wellbeing and competitiveness. It can also have a negative impact on the lives of your employees and, potentially, your business through increased absenteeism and higher turnover.

LEARN MORE ABOUT WHAT EMPLOYERS CAN DO.

FINANCIAL EDUCATORS

The Asset Building Coalition is here to provide support for financial educators in Forsyth County.

LEARN MORE ABOUT HOW WE WORK WITH FINANCIAL EDUCATORS

GOVERNMENT

Many in our community are just one or two paychecks away from losing financial stability. This state has a major impact on our residents’ quality of life, and has a cumulative negative impact on our community as a whole.

 

LEARN MORE ABOUT THE ROLE LOCAL GOVERNMENT CAN PLAY

NONPROFITS

Those experiencing asset poverty are at a higher risk of facing a major life disruption or crisis associated with certain unexpected expenses.

 

LEARN MORE ABOUT HOW NONPROFITS CAN HELP

Our Coalition is 36 Members Strong, and Growing.

Crisis Control Ministry logo
ESR logo
Fuller Impact Logo
Greater Winston-Salem logo
Hustle Winston-Salem Logo
Legal Aid North Carolina Logo
LoveOut Loud logo
Pivot Ministries
Prosperity Now Logo
Second Harvest Food Bank of Northwest North Carolina

The CAREs Project

Wells Fargo Logo
The YMCA of Northwest North Carolina

Individual Members

Neil Allerton, Financial Advisor Edward Jones

Calan Charlton, community member

Matthew Hynek, Financial Advisor Edward Jones

Bill Lawler, community member

 

Kaisha McDermott-Carter, community member

Karl F. Yena, nonprofit consultant

Tyler Sparks, Communications Consultant

Asset Building strategies help people gain and manage financial means. Benefits of Asset Building include:

Provides a safety net in times of financial crisis such as job loss or a health emergency.

Can help prevent
long-term financial hardships
such as foreclosure or bankruptcy.

Provides financial stability and economic opportunity.

Enables key, long-term investments, such as buying a home, starting a business or pursuing further education and training.

Featured Initiatives

We champion strategic initiatives in Winston-Salem and Forsyth County that encourage asset-building behaviors and activities designed to help individuals, families, and the community overall become more resilient to asset poverty.