Building Economic Security in America’s Cities: New Municipal Strategies for Asset Building and Financial Empowerment

The Corporation for Enterprise Development (CFED) released a report examining the municipal governments’ new role of helping families reach economic security through wealth and asset building. The report describes five main strategies: (1) improve access to financial information, education and counseling; (2) increase access to income-boosting supports and tax credits; (3) improve the affordability, accessibility and quality of financial products and services; (4) help families build range of liquid savings and tangible assets; (4) protect consumers against the loss of income or assets in the financial marketplace. In order to implement these strategies, CFED recommends four different approaches: (1) integrate financial empowerment and asset building into city services; (2) align local, state and federal policies; (3) invest in evaluation; (4) plan for political transition. Through implementing these strategies and approaches, the municipal government aims to guide residents toward financial empowerment.