Our Coalition is building awareness about Asset Poverty and the major impact it has on individuals, families, and our local community.
We promote and support coordinated strategies that everyone can work on together to build asset wealth for a more resilient Forsyth County.
Households Experiencing Asset Poverty
in Forsyth County, 2014
- White, non-Hispanic Households 18.7%
- Households of Color 44.5%
- African American Households 45.8%
- Hispanic/Latino Households 46.3%
Did you know?Â
Almost half of households of color in Forsyth County cannot afford to cover basic expenses such as housing, transportation, or childcare.
DATA SOURCE: PROSPERITY NOW ESTIMATES USING SIPP AND ACS, 2014
We are committed to identifying, disrupting, and dismantling the underlying community conditions responsible for these disparities.
What is Asset Poverty?
1 in 4 Forsyth County Residents are experiencing Asset Poverty.
How does it impact us?
It has a major impact on those experiencing it, as well as our community overall.
Our Coalition is 36 Members Strong, and Growing.
The CAREs Project
Individual Members
Neil Allerton, Financial Advisor Edward Jones
Calan Charlton, community member
Matthew Hynek, Financial Advisor Edward Jones
Kaisha McDermott-Carter, community member
Karl F. Yena, nonprofit consultant
Community Impact
What is Asset Poverty?
Asset poverty is a condition that is more persistent and widespread than general poverty. It is the inability to access wealth resources that are sufficient to provide for basic needs for a period of three months.
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.
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.
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.
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.
Asset Poverty has a big impact on Forsyth County.
DATA SOURCE: PROSPERITY NOW ESTIMATES USING SIPP AND ACS, 2014
- Households in Winston-Salem Experiencing Asset Poverty 39%
- Forsyth County Households Living in Extreme Asset Poverty 22%
- Forsyth County Residents with Sub-prime Credit Scores 56%
- Renters in Winston-Salem Experiencing Housing Cost Burden 49%
- Low-Income Winston-Salem Residents who are Uninsured 35%
- Forsyth County Single-Parent Households in Asset Poverty 60%
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.
FINANCIAL EDUCATORS
The Asset Building Coalition is here to provide support for financial educators in Forsyth County.
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.
NONPROFITS
Those experiencing asset poverty are at a higher risk of facing a major life disruption or crisis associated with certain unexpected expenses.
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
