WDS 8: Financial Asset Building Services
The organization encourages asset accumulation by working with the individual to save, build assets, manage resources, and plan for crisis.
Employment alone is not necessarily enough to achieve economic self-sufficiency. The literature states that the inability to accumulate wealth keeps families in poverty for generations. Low income families are particularly vulnerable to financial crises that can strip them of their assets; therefore, financial assets such as homeownership, savings, investment, and financial resource management
skills enable individuals and families to achieve economic security.
NA The organization does not provide financial asset building services.
The organization helps the individual overcome barriers to asset building, such as:
- insufficient income;
- inadequate training or education;
- lack of affordable and safe housing;
- family responsibilities;
- lack of affordable and quality child care; and
- transportation needs.
The organization works with the individual to develop a plan for financial resource management including:
- goal setting;
- long- and short-term financial planning;
- record keeping; and
- controlled spending.
The organization works with the individual to establish a crisis plan in case
of financial hardship brought on by life events such as unexpected job loss, natural disaster, or illness.