The Aspen Institute Financial Security Program

How can new data sharing rules streamline benefits delivery? Our program manager Alex Coccia, PhD breaks it down in a new blog on the National Strategy for Financial Inclusion. One of the Strategy’s key recommendations is for federal agencies to strengthen data sharing and interoperability standards across systems such as tax, pensions, Social Security, SNAP, and WIC. This type of protected data sharing would enable the streamlining of enrollment so that Americans applying for benefits only need to enter their information once in federal systems. Read more ?? https://lnkd.in/e9AzTFUb This blog is the second in a series about the National Strategy for Financial Inclusion. Read the first blog from Erin Bor? (Thiemann) digging into how we can expand credit access to millions of Americans ?? https://lnkd.in/eXcxX9ST

?? "Who you are is so important to how you show up as a leader." ?? Learn how our co-executive director Joanna Smith-Ramani approaches leadership in the latest video from The Aspen Institute's In Session ?? series. Ida Rademacher Genevieve Melford Kate Griffin Karen Biddle Andres Julia Rocchi Kreg Steven Brown

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Many U.S. benefits programs put limits on how much in assets or income recipients can hold. To receive Social Security Income, people cannot own more than $2,000 in assets—such as their savings or the worth of their car. For older workers in particular, asset and income limits can penalize recipients for building long-term financial health, and they are confusing to navigate across different benefits. Aspen FSP’s Benefits Transformation Initiative director Tim Shaw spoke to Business Insider’s Allie Kelly about the impact of asset and income limits on household balance sheets. "Often eligibility for different programs like SNAP, Medicaid, SSI, housing, they're not the same," he says. "If a household qualifies for multiple benefits, they're trying to track the income limits of several programs at the same time, which can get really confusing and cause people to not take that new job or not take that raise." Read the full article ?? https://lnkd.in/e-SYrW28

Partners in Equity (PIE) is an investment firm with a mission—to help small business owners own the property where they work. Property ownership offers small businesses financial stability, and it can deepen connections between businesses and local communities. ?? By supporting business owners in buying wealth within the neighborhood. “Main Street—in the community—is where this equity should reside,” says co-founder and Wealth Innovation Cohort Fellow Wilson Lester. PIE’s work is part of a growing movement to broaden access to commercial real estate ownership particularly in low-income communities. Learn more about these strategies in our newly published briefs on inclusive commercial real estate: Read our primer for an overview of inclusive CRE ?? https://lnkd.in/eqrdiEVj Then dive into the details through case studies on four inclusive CRE models, including PIE ?? https://lnkd.in/eqyVkcSb Talib Graves-Manns, John W. Haines, Jeff Mendelsohn, Ajia Morris, napoleon wallace, Katherine Lucas McKay, Ida Rademacher, Heather McCulloch, Gretchen Beesing, Tracy Hadden Loh, Prudential Financial, Sorenson Impact Foundation

Universal early wealth building accounts are a powerful tool to build generational wealth and bolster the American economy. That’s according to new research by leading bipartisan economists Kevin Hassett and Robert Shapiro. At our 2024 panel with Invest America and The BlackRock Foundation, they made the case for a national early wealth building program that would invest $1,000 in a managed capital market account for every newborn in the U.S. The numbers speak for themselves. With 60 years of accrual, a $1,000 seed account could yield an average balance of $574,397—which people can use for higher education, homeownership, small business ownership, and retirement. Learn more about the opportunity for universal early wealth building policies in our blog by Jason E.: https://lnkd.in/gnKrXwSZ Karen Biddle Andres Kara Woolley Claire Chamberlain Matt Lira Ida Rademacher Genevieve Melford Kreg Steven Brown Kate Griffin Julia Rocchi Joanna Smith-Ramani

For our Wealth Innovation Cohort Fellow ???? Lyneir Richardson, rehabilitating local shopping centers generates more than just financial returns. “We are addressing community challenges—such as social determinants of health, crime, a lack of economic opportunity, climate change—by owning and improving commercial real estate assets,” he says. Through The Chicago TREND Corporation, Richardson and his team have overseen the redevelopment of neighborhood shopping centers in Chicago and Baltimore. So far, 380 community members have invested in these projects, expanding commercial real estate ownership to low-income investors previously unable to buy shares in commercial developments. TREND has directed $11.8 million of equity capital and grant funding toward capital improvements, technical assistance, and financial support for small businesses operating within their shopping centers, and programs to strengthen neighborhood vitality and economic participation. The outcome is win-win ?? for developers, philanthropic investors, low-income shareholders, small businesses, and community residents. Learn more about Chicago TREND’s model for inclusive commercial real estate in their case study ?? https://lnkd.in/eqyVkcSb And go deeper into the potential of community wealth-building models with our primer ?? https://lnkd.in/eqrdiEVj Talib Graves-Manns, John W. Haines, Wilson Lester, Jeff Mendelsohn, Ajia Morris, napoleon wallace, Katherine Lucas McKay, Gretchen Beesing, Tracy Hadden Loh, Prudential Financial, Sorenson Impact Foundation?

Our public benefit system helps millions of Americans afford daily life. But each year $140 billion in eligible benefits go unclaimed. How can we ensure that people receive the benefits for which they qualify? The U.S. Department of the Treasury’s recent National Strategy for Financial Inclusion offers several key recommendations to improve benefits delivery so that households can achieve financial stability and begin to build long-term wealth. Our latest blog post by Alex Coccia, PhD, digs into 3 action steps: ? Address administrative burdens of programs delivered by governments that waste people’s time and create barriers to obtaining the benefits for which they qualify. ?? Improve government-to-person payments systems, in part by making sure agency leaders and program administrators have the information and resources to effectively procure vendors that will meet the needs of benefit applicants, caseworkers, and system administrators, especially regarding the product’s ease of use and consumer protections.? ?? Address design features in public benefit programs, such as asset limits, which penalize individuals for accumulating even modest savings and assets—resources that families need for long-term financial well-being. Read the full blog ??? https://lnkd.in/e9AzTFUb?

What will the U.S. financial system ?? look like in 10 years? That’s the question we’re trying to answer at our first-ever Leadership Forum on Inclusive Finance, which kicked off this evening in D.C. Over the next two days, 80+ cross-sector leaders will chart the course for a financial system that delivers better financial security outcomes for more households. Our first panel with Ida Rademacher, Jo Ann Barefoot, David Silberman, and Raj Date set the scene: Technological innovations like AI and crypto, new business models, shifting job market trends, and the rising cost of living are fundamentally altering households' financial realities. These critical forces will shape the next decade of our financial system. Now leaders must harness these changes to expand financial security and create wealth-building opportunities for more households. Tomorrow, we’ll dig into topics such as digital assets, data permissioning, the current state of household balance sheets, and trust building at large. We’re excited to dive into the challenges and opportunities with this bright group of thought leaders. ?? If you weren’t able to attend this Forum but are interested in our work, sign up for our email to receive future event opportunities: https://lnkd.in/gPWMnuGu Financial Health Network Fenway Summer Edward Jones JPMorganChase JME Eden Enterprises DBA HR Block Wells Fargo TransUnion U.S. Bank Walmart Block

We're working to build an economy where everyone can benefit from economic growth.Thanks to our partnership with Mastercard Center for Inclusive Growth and fellow The Aspen Institute programs, we're even closer to achieving that goal. ?? But as our co-executive director Ida Rademacher says, "We're really just getting started."