Today’s complex financial marketplace makes it increasingly difficult to understand and navigate the array of products and services available from a variety of providers. Low- and moderate-income families, who have fewer financial resources to begin with, are most vulnerable to falling into financial distress. A solid grounding in personal finance and a clear understanding of the available options when making financial decisions are critical.
This afternoon the state legislature approved a budget to close the $24 billion deficit. The budget included cuts to health care, education, CalWORKS, prisons, and state worker pay.
New America Foundation experts released the following statements:
Steven Hill, Director, Political Reform Program:
Asset ownership is seen as having an increasingly influential link to a variety of social outcomes. While the UK has experienced increases in economic wealth and improvements in overall living standards over the past 40 years, trends in asset ownership have reversed. More recently, 15 years of economic stability led to a feeling of increased financial security and individual savings were eroded in a boom of consumerism. The distribution of this increase in wealth has been unequal… more
What if every child started out in life with his or her own personal savings program for college, for first-time home purchases and for retirement?
A savings program started at birth has more years to earn and accumulate interest, resulting in a bigger nest egg through time. Granting every child such an opportunity would result in broader and more equal ownership of savings and capital for each citizen. Such widespread capital ownership would empower and liberate every American in their personal… more
Assemblywoman Lori Saldaña opened the Women and Wealth Asset Policy Forum event, sponsored by the New America Foundation's Asset Building Program in partnership with the California Women's Legislative Caucus, the California Commission on the Status of Women, and the California Women's Agenda.
Asset ownership plays a central role in the economic security of
American families and the broader economy. Assets can be deployed
productively, such as to pay for a college education, or tapped to help
individuals and families weather unexpected events. Additionally,
assets have behavioral effects that can change the manner in which
people think about and plan for the future.
Ellen Seidman, who served as the head of OTS from 1997-2001, says it's time to consider if OTS should be eliminated, although she declined to comment on the ...
What
does the bill do?
Why
is a bill to promote asset building for children necessary?
Who
is eligible? Will illegal immigrants or children who become citizens get
accounts?
Will
children born before the bill takes effect get accounts?
Why
do wealthy people get these accounts?
Why
do poor people who don't pay taxes get accounts?
Is it
unrealistic to expect those with low incomes to save when they already
struggle to get by?
How
Washington D.C.--The Global Assets Project announced today its role in a
global consortium to begin the exploration of savings products for
young people in the developing world. The consortium, led by Save the
Children, received funding from the MasterCard Foundation.
The Obama Administration has proposed the creation of a new, independent federal agency, the Consumer Financial Protection Agency, to ensure consumers have the information they need to make wise financial decisions; are protected from abuse, discrimination, and unfair and deceptive practices; have access to financial services; and ensure the financial services market operates fairly and efficiently.
Click here for an overview of the proposed Consumer Financial Protection Agency.
