Getting 'banked' key to realizing stability

One of the major components of United Way for Southeastern Michigan’s Agenda for Change centers on providing the tools and resources area residents need to achieve financial stability. While the projects and programs that we support and develop in this area will cover a wide range of issues and populations, our primary targets will be low- to moderate-income residents.

Our emphasis will center on those falling below 200 percent of the federal poverty guidelines – about $40,000 annually for a family of four. According to estimates from UWSEM researchers, there were about 1.2 million residents – better than one in four – living below the line in 2006. Many of these individuals fall into the category of “unbanked,” which means they have no relationship with a bank and are often vulnerable to opportunistic check cashing vendors and their inflated fees, along with other costly money traps. United Way is working to help these residents establish bank accounts, and to teach them how to save and manage money wisely. We also recognize the importance of taking action now.

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