Community-centered Solutions for Building Assets
As an asset-building leader, Prosperity Works innovates proactive solutions to help limited-income (LI) New Mexicans build power through securing change-making assets—like a home, vehicle, business, or degree. We operate at the nexus of socioeconomic asset-building and community collaboration--where conversations catalyze equitable, community-centric policy solutions, to help ensure every New Mexican shares in economic prosperity; inform authentic partnership development, to strengthen our statewide partner network of locally-embedded organizations--through whom we disseminate the tools community members need to expand their economic acumen; and effect intentional shifts in limited-income (LI) households' asset-building capacity, to help foment intergenerational socioeconomic health and wellbeing.
We leverage our initiative-shaped Financial Opportunity & Inclusion Continuum (FOIC) to build LI households’ socioeconomic assets longitudinally: from birth, with Child Savings Accounts (CSAs), to adulthood, with Individual Development Accounts (IDAs); and at mid- to late-life asset-building milestones, with Fair Lending Options (e.g., TrueConnect loan program) and through proactive, nuanced financial capability training and coaching.
We leverage our initiative-shaped Financial Opportunity & Inclusion Continuum (FOIC) to build LI households’ socioeconomic assets longitudinally: from birth, with Child Savings Accounts (CSAs), to adulthood, with Individual Development Accounts (IDAs); and at mid- to late-life asset-building milestones, with Fair Lending Options (e.g., TrueConnect loan program) and through proactive, nuanced financial capability training and coaching.
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Prosperity Kids CSAs
Prosperity Kids CSAs are matched education savings accounts for limited-income households. Each CSA is opened with a $100 deposit and is matched 1:1—up to $200 per year until a child graduates high school. Parents also complete 10 weeks of financial capability and parent-child development education. Depending on the age at which a child enrolls, they could graduate with $5,000 or more in savings! IDAs We created our IDA initiative to help empower hardworking families through financial capability training to save, invest, and accumulate assets—to enhance their household’s long-term socioeconomic health and wellbeing. Assets like a home, postsecondary education, or small business can promote long-term financial solvency and bridge generations. Fair Lending Options We work to socialize a “new social contract” between employees and employers—one predicated upon employees’ quality of life. Part of this new “contract” is working with employers to provide employees with low-interest lending options—like TrueConnect. In times of economic uncertainty and short-term resource gaps, households often turn to high-interest lending options; these exploitative, predatory schemes disproportionately impact Black, Indigenous, and People of Color households. We are committed to working together with public and private partners to develop and scale equitable lending options for New Mexico households statewide. |