The Recession and Low-Income Families
The recession and its after-math have hit low-income families hard, burdening them with more family debt and ever-shrinking assets to draw upon in times of financial crisis.
Since moving to Baltimore in the 1990s, the Casey Foundation has helped support efforts to strengthen financial stability of the city's residents through supporting numerous initiatives and policies. They have also underwritten research and policy papers that make the case for such strategies both locally and nationally.
This report provides an overview of the key components of Casey’s financial stability activities in Baltimore and, increasingly, the state of Maryland. It is a case study of how this multipronged strategy has been developed and implemented in Baltimore and offers insights for others doing this important work in their communities.
The five community-based organizations highlighted in this report are: Baltimore CASH Campaign, Maryland CASH Campaign, Maryland Consumer Rights Coalition, Baltimore Homeownership Preservation Coalition and Bon Secours Community Works.
Many low-income families in Baltimore and around the nation find it nearly impossible to build savings and accumulate assets that will generate financial security. They pay too much for basic services, often lack financial expertise, and have inadequate access to products and services they need to get out of their situation.