ASSET POVERTY IS DEFINED AS NOT OWNING ENOUGH TO SURVIVE FOR THREE MONTHS AT THE POVERTY LINE WITHOUT A JOB.
More than one-quarter of the country’s population is asset-poor and one in every three households with children lives in asset poverty. Over 20% percent of all households and 24% of minority households live in extreme asset poverty, meaning they have zero or negative net worth.
In Cleveland, nearly half of the population lives in asset poverty, while a third of the population lives in extreme asset poverty. Over half of African-American households in Cleveland are asset-poor.
Assets matter. Assets help to increase household economic stability, educational attainment and economic mobility. Assets provide a personal safety net. Asset-building strategies must be established and funded in order to reverse income and wealth inequalities.
Neighborhood Progress is dedicated to expanding economic opportunities for low-income families and communities and closing the financial gap. Our programming supports wealth-building, grows financial security, increases financial access, and provides a comprehensive asset-building strategy and implementation plan for communities.
For more information, contact Sheri Dozier, Senior Program Officer, at 216.453.1452 or firstname.lastname@example.org.
- Corporation for Enterprise Development
- The Cleveland Foundation
- The George Gund Foundation
- The Mandel Foundation
- Sisters of Charity Foundation
- Enterprise Community Partners