In the Red: Debt in Low- and Moderate-Income African American Communities. November 16, 2017
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1 In the Red: Debt in Low- and Moderate-Income African American Communities November 16, 2017
2 Welcome Pamela Chan, Project Director, Human Insights at Prosperity Now
3 Prosperity Now s mission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.
4 Project Overview Part 1 Field Scan Establish partnerships with community based non-profits Identify potential challenges with credit and debt facing people in their communities Select a key challenge to address and a target audience to focus the project scope Improve understanding of solutions available that have the potential to address the selected challenge Part 2 Discovery Interviews Discover individual perspectives of community members on the selected challenge and potential solutions available Part 3 Design Pilot Host convening with collaborators to share findings from discovery interviews and brainstorm ideas for pilot Draft pilot concept for proposal
5 Project Partner Organizations & Communities Served BALTIMORE Maryland BROWNSVILLE, BROOKLYN New York FT. LAUDERDALE Florida
6 Our Advisors DEVIN FERGUS The Ohio State University CAROLINE RATCLIFFE Urban Institute LISA SERVON University of Pennsylvania JOSH SLEDGE CFSI
7 Welcome Facebook Live Attendees! Over 200 people registered to join us remotely Our team will moderate the discussion and share your questions during Q&A Please join the conversation by sharing your comments The recording will be available on our Facebook page at the conclusion of the event The In the Red event page now includes all the documents we will reference today
8 Who registered for this event? 70% 60% 50% 40% 30% 37% 29% 20% 10% 12% 11% 11% 0% Direct service nonprofit/social service provider Intermediary nonprofit/network organization Academic/Research organization Government office (Federal/State/local) Other
9 Many of you provide financial capability services to African American clients No 11% Yes 89%
10 Prosperity Now would like to thank MetLife Foundation for making this event and the work of this human insights research project possible
11 Evelyn Stark Assistant Vice President, Financial Inclusion, MetLife Foundation
12 Part 1 What s the challenge?
13 Debt in LMI African American Communities <$50,000 Annual Household Income, Survey of Consumer Finance 2016
14
15 Coffee Break
16 The next session will start in
17 The next session will start in
18 Part 2 What is happening in communities?
19
20 Courtnee Biscardi, Senior Vice President of Operations & Strategy Urban League of Broward County
21 On the Road to Building Wealth 11/16/17
22 Overview ULBC s mission is to ensure economic self reliance, power, parity and civil rights for African Americans We focus on four primary areas of service: Education Jobs (Includes Entrepreneurship) Study focused on our Center for Working Families Initiative Housing Health
23 Who We Serve
24 Debt & Past-Due Bill Issues Debt Car loans- high interest rates due to poor credit. Car purchases made during tax time but payments not sustainable over time. Credit Cards- high interest rates, high balances; credit cards are being used as supplemental income. Past Due Bills Rent- 49.7% of households in Broward County (330,624 households) are cost-burdened; 52% of renters are severely cost burdened (>50% of income on housing) Utilities-households falling behind trying to balance expenses. Pay Day Loans- trending down
25 Methods to Address Concern & Why Connection to internal and external resources Access to job training & certification Affordable housing policy development- participation in local advocacy on this issue Meaningful dialogue with payday loan institutions Working with local anchor institutions to unlock wealth building opportunities Creating or highlighting Data reports and publications Engagement in policy and practice is in our mission. We have to address the issues from both perspectives.
26 Why Is This Work Important It is important that we figure out how to unlock wealth in the community. Blacks are losing the wealth building game and it is not acceptable. Cannot be changed with programs alone. It requires policy changes and a strengthened eco-system that s developed to include not exclude. In order for us to actualize our mission, these efforts are necessary.
27 Althea E. Saunders-Ranniar, Director, Financial Services Div. Bon Secours Community Works
28 Bon Secours Community Works November 16, 2017 Presenter: Althea E. Saunders-Ranniar, Director, Financial Services Div.
29 Our Mission The Mission of Bon Secours Baltimore Health System ( BSBHS ) is to help people and communities to health and wholeness by providing compassionate, quality health care and being Good Help to all in need in West Baltimore, with special concern for the poor and dying.
30 Community Works
31 Service Representation 29% No Response Female Male 2% * These charts do not include the complete intake data of participants in the Family Support Center and Women s Resource Center. These programs use separate data collection software to maintain client information. 69% September 1, 2016 through August 31, 2017, Bon Secours Community Works provided services to 2970 clients. This represents a 24% increase in clients served during same time frame for FY16. 31
32 Credit Debt and Past-Due Bill Issues Repossession High interest lending Utilities Rent Medical What we ve tried Small dollar loan Referral to Credit Unions Financial Coaching/Counseling Financial Literacy
33 Credit (Continued) Focus Issues Only Debt for Asset Accumulation or Easily Paid Off at Market Rate Interest Home with a Market Rate Mortgage Post-Secondary Education Plan for Children Savings of 3-6 months of expenses
34 Mary Tobin, Director Brownsville Partnership, An Initiative of Community Solutions
35 The Brownsville Partnership Hope Is Inside
36 Brownsville Partnership Vision: Our vision for Brownsville is a safer, healthier, and more prosperous community for the people who live there now. That shift must be visible, measurable, and show strong positive momentum. Brownsville should be distinguished by its positive features, not by negative health, social and economic indicators.
37 Brownsville Partnership Strategies: Increasing the number of employed Brownsville residents : Create Brownsville Employment Pathways (BEP) for the following critical cohorts: Formerly Incarcerated Youth ages Single mothers Increasing youth enrichment opportunities in Brownsville Improving neighborhood health conditions
38 Background: Brownsville Economic Conditions Population - 59,537 (Brownsville proper) 24,000 Brownsville residents live below the poverty line 14,000 residents live in Deep poverty Deep poverty is Income 50% below the poverty line Brownsville median income - $25,000 Brooklyn median income - $47,000 and NYC overall- $53,000 There are 18,846 children in Brownsville 9,000 Brownsville children live in poor households Nearly 3,000 children (57%) are under the age of 5
39 Primary Financial challenges: Debt associated with late rent and mortgage payments Pay day loan debt Car loan debt Back utility payment debt
40 Current Financial Interventions Partnerships with local community based organizations that provide debt counseling and financial planning classes Direct services and partnerships Eviction Prevention, Legal Aide Services Workshops with financial institutions regarding how to obtain home, auto, short-term loans Recruiting additional financial institutions into the local area (currently only 3 banks serve the local community)
41 Why Are We Here? EMPLOYMENT Brownsville Brooklyn New York City Unemployment Rate 16% 11% 6.1% Youth Unemployment Rate (20-24 years) Residents Living in Poverty 27.8% 20.3% 19.3% 40% 24% 21% We hope to learn during this convening: Comprehensive and realistic strategies to alleviate and prevent debt in lowincome communities. Pathways out of poverty through financial planning methodologies for low-income families.
42 The Brownsville Partnership HOPE IS INSIDE
43
44 Many sources of insight and direction Partner organizations Community members Project advisors MetLife Foundation Pubic data Prosperity Now staff Literature insight + direction Prosperity Now Community
45 Initial Insights on Concepts from Discovery Research Spectra Myers, Sr. Research Manager
46 Background on discovery research Objectives: 1. Understand clients financial situation and experiences paying incurred debt to refine project team s understanding of the challenge 2. Gather feedback from clients on strategies in order to inform development of a pilot
47 Background on discovery research Recruitment: Each partner organization is recruited 15 clients for individual interviews Interviewee Background: All interviewees identify as African American or Black Experience challenges managing debt Quotas by age and income Format 60 minute in-person interview
48 By the numbers
49 Debt and past-due bills Median estimated total debt + past-due bills: $32,981 Min Max: $205 to $489,729 Most common debt and past-due bills: Credit card debt Student loans Past-due phone, cable, internet, or other telecommunications bills Past-due medical bills Auto/Vehicle Loan Family/friend debt Legal judgement or legal expenses (child support, attorney's fees, etc.) Retail/store credit 28 of 46 report overdrawing their checking account in the last 12 months
50 Introducing you to interviewees
51 Introducing you to interviewees
52 Introducing you to interviewees
53 Approaches to managing debt tested Financial Coaching Lending Circle Financial Advice App Debt Negotiators Credit Counseling Consumer Rights and Bankruptcy Assistance Peer Meetings Medical Bill Management Online Platform Borrow Save Loan Debt Management Plans Debt Consolidation Loan
54 Tested with qualitative concept tests Reactions to different approaches to managing debt through qualitative concept testing Each interviewee reviewed three to four randomly selected concepts Each concept was seen by at least 10 interviewees Questions explore perceptions, wants and needs related to each product or service
55 Our assessment of the concepts appeal Concepts Yes Maybe No Total Financial Coaching Lending Circle Financial Advice App Debt Negotiators Credit Counseling Consumer Rights and Bankruptcy Assistance Peer Meetings Medical Bill Management Online Platform Borrow Save Loan Debt Management Plan Debt Consolidation Loan
56 What is next? Complete analysis of clients financial situation and experiences paying incurred debt Finalize analysis of feedback from clients on strategies in order to inform development of a pilot Integrate insights from our discovery research with the experience of our partners and other experts to identify a way forward
57
58 Themes from the Morning Andrea Levere, President
59 Share Your Feedback + Advice 1. Complete the event survey. 2. On your notecard or in the comments, answer this question: What advice do you have for us as we work with these partners to design a pilot to address debt in low- and moderate-income African American communities? Hand in your notecard and completed survey to one of the Racial Wealth Divide team interns
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