Approximately 14 percent of Greenville County residents live
below the poverty line, and many more are struggling just to get by, let alone
get ahead.
Wages have not kept pace with the rising cost of housing,
healthcare and education, and skill levels have not grown to meet changing
industry needs.
When individuals and families are squeezing just to get by,
there is no room to think about the future. That means no savings for college,
home ownership or retirement.
The recent recession has only made things worse. In July
2009, the unemployment rate in Greenville County was 10.1 percent – an increase
of more than 5 percent over the previous year. Some are losing their homes to
foreclosure, many more are seeing their savings dwindle and debt skyrocket as
they fight to survive these tough times. Today, individuals and families in poverty, those with low income, and even those in the middle class, are struggling to make ends meet.
Increasingly, the economic and financial pressures facing
hard-working people are exacerbating other social issues, which creates more
community expense down the line.
The Solution
The roadmap to financial stability seems simple: increase
income and you’ll increase savings; increase savings and you’ll increase
assets. But we know these steps are not easily climbed.
It will take a long-term commitment and investment by the
community in a range of focus areas to reach the goal.
It’s a journey worth taking. We know higher income leads to
better healthcare and educational opportunities, and according to a report
published by the Center for Social Development, married couples with savings
and assets are less likely to divorce, experience domestic violence, smoke, or
suffer from chronic illnesses. Children of parents with savings and assets are
better prepared to succeed in school and are more likely to graduate from high
school and go to college.
The Goal
As a community, we will decrease the number of Greenville
County households that spend more than 40 percent of their total household
income on housing costs from 32,000 to less than 22,000 by 2018.
To realize our vision that all individuals and families
achieve long-term financial stability, we must ensure:
A coordinated system of workforce development is in place
that aligns projected job opportunities with a workforce equipped to do the job.
Individuals and families have access to and utilize support
services for financial stability.
Individuals and families can build assets to achieve their
education and financial goals.
GCWD is a community-based partnership working to increase
financial stability by investing in Greenville’s low-income, under-skilled
workforce to address skill shortages in industries critical to South Carolina’s
economic future. By providing them with skills in high demand by growing local
industries, the GCWD is leading workers to better career opportunities with
more opportunity for long-term growth and economic stability.
Identify and implement the best workforce development and
financial literacy programs for individuals and families; help those threatened
by crisis through innovative collaborations.
One initiative in the works is the creation of community
“Prosperity Centers.” Envisioned as a one-stop source of information for
low-income families and individuals, Prosperity Centers would provide citizens
with a link to the tools and education to help build income, savings and
assets.
The Foreclosure Task Force pooled the resources and
expertise of local agencies to help avoid and reduce the number of home
foreclosures in our community.
Expand established programs that have been successful in
increasing personal income and promoting long-term savings.
Volunteer Income Tax Assistance, or VITA, is increasing
income in our community right now. Designed to help taxpayers with the
preparation of returns, the volunteer-staffed program assists low- to
moderate-income individuals and families maximize their tax savings by helping
identify eligible tax credits and deductions, especially the Earned Income Tax
Credit (EITC), Child Tax Credit, Education Tax Credits and Child Care tax
deductions.
Last year, 81 volunteers helped prepare 1,777 tax returns
that brought refunds totaling more than $1.3 million into the community. When
coupled with the dollars saved by having their taxes prepared for free, the
return was even higher.
United Way of Greenville County is encouraging long-term
savings and home ownership through its Individual Investment Account program,
which provides 2-to-1 matching funds for qualifying low-income individuals,
with the ultimate goal of home ownership.
Advocate for legislation, policies and community practices
that help build income, savings and assets.
How You Can Help
Contact your local, state and national elected officials. Explain
the problem. Ask them to support and promote legislation, policies and
community practices that will help individuals and families increase income,
build savings and gain assets.
One voice, your voice, can make a difference.
Elected officials love to hear from their constituents. Reach out and contact:
For additional information on United Way of Greenville
County’s policy priorities contact Laurie Rovin,
Director of Community Affairs, at 864-467-4804, or click here to e-mail.
Click here to download United Way of Greenville County's advocacy flyer on financial stability.
