As I conclude week one of my journey with this incredible group of people here at Prosperity Works, we are in one of the toughest times in our country's history. We are continuing to battle a deadly pandemic and the resulting economic havoc while, again, coming face-to-face with the long-term effects of racial injustice.
I am honored to carry on the work and mission of Ona Porter and the Prosperity Works TEAM. I read the following excerpt from the Aspen Institute and found it really resonated with me and found it in line with the Prosperity Works mission and strategic plan:
People’s financial well-being rests on three pillars:
These are the building blocks of financial security, and without all three of them, America won’t have a financially secure and healthy population. The racial disparities exposed by the COVID-19 crisis show the inequities in health that so tragically mirror the disparities in financial wellbeing. Now, more than ever, we commit to continuing our efforts to address this disparity and improve financial equity. The work we do here at Prosperity Works will serve this purpose and I will be hyper-focused on root causes along with systemic and institutional changes. With the three pillars above in mind, we will GROW EXISTING PROGRAMS, BRING CHANGE THROUGH OUR ADVOCACY WORK, STRENGTHEN OUR FUND DEVELOPMENT, ALL WHILE BEING INNOVATIVE AND OPEN-MINDED. We will embrace technology to build capacity and grow our organization.
The passion and hard work you contribute to this mission will be a powerful force for lasting change and will tear down systemic economic barriers for New Mexican families. We exist to make this a reality and feel it is unleashed when all people -- regardless of race, ethnicity, gender, income, religion, culture, sexual orientation or place of origin, have the opportunity to shape their own future. With the backdrop of the COVID-19 crisis, which is disproportionately impacting communities of color, we must and will continue our fervent pursuit of a more just society. This effort is reflective of Prosperity Works’ broader view that we must continue to be an important player in the communities we are a part of, especially those hardest hit. Together we will build a more diverse and resilient local economy for a post-COVID-19 future by removing barriers for all New Mexicans in order to create generational change. Just as important, it includes committing the company I lead down a path of systemic, permanent change in as many ways as we can find.
With gratitude and hope,
As the demand to address the urgent needs of people who have lost some or all of their income because of COVID 19 closures, it is clearer now than ever before, that the work we do to help families build and preserve assets must be elevated.
The virus has exposed the economic inequity of race and gender that we know is often hidden in our economy. That exposed economic fault line reveals that there is so much to do to restore the promise of prosperity. Income volatility for far too many workers, households without savings or other assets, lack of sick leave or other paid time off, the digital divide, and an inadequate safety net, have severely stressed a very large percentage of New Mexico's families. Fear of missing rent or mortgage or other payments hangs as a threat to most -- kicking the can down the road for a few months is a necessary short-term response, but it does not solve the systemic challenge.
The economic disruptions to household balance sheets will be both short and long term. Thankfully, many funders, elected officials, and Congress are, or will, address key short-term concerns. These are important and critically needed for the vulnerable, the economically distressed, and the hourly workers without benefits. But the foreseeable challenges do not end there.
Recovering the economy will require tools and systemic solutions to build assets, protect assets from predation, and increase income from good jobs. Opportunities for post-secondary education must be grown. Markets where homeownership is cheaper than renting more than ever need increased incentives and pathways to increase ownership. Community economic development and small business support for good jobs need significant investments to be effective catalysts for change and prosperity.
The investment we need are to continue our work in policy and practice that build the financial capability and assets that we all need to provide to some measure of protection against personal and global disruptions.
The financial capability and asset building opportunities that we provide to low and moderate-income New Mexicans increase their financial security, their family stability, and community engagement. Our administrative advocacy helps people understand how to make modifications in practice and policy that are within their purviews of power that remove barriers to and increase opportunities for financial inclusion. Our work in developing and broadcasting consumer protections is critical to vulnerable LMI populations.
We have proven over and over again that the opposite of poverty is not wealth but social justice and opportunity. LMI families served by our New Mexico Assets Consortium are building businesses, going to college, buying homes and saving for their children's college education at a rate that is higher than any place in the nation. While a good job provides for everyday needs, it is personal, social and financial assets that provide a personal safety net and hope for the future.
During a time where many are facing financial uncertainty, finding safe and reliable lending sources is top of mind for everyone. Earlier this year, Prosperity Works partnered with TrueConnect to bring equal opportunity lending to the state of New Mexico. TrueConnect allows employers to offer their employees small-dollar loans that they repay through payroll deduction.
The mission of TrueConnect is simple, to provide safe, affordable financial support and hope to employees in need of a helping hand that is an alternative to predatory lending. Employers can enroll in TrueConnect at any time and offer this voluntary benefit to their employees at no cost. With more than 20.4% of New Mexicans living at or below the poverty line, having access to these lending services is essential. Many New Mexicans rely on payday lenders when unexpected expenses come up, creating a cycle of debt that is hard to get out of.
Having TrueConnect in place prevents predatory lenders from targeting employees at their most vulnerable and turning short-term financial issues into debilitating, long-term issues that can affect their ability to work. Additionally, TrueConnect borrowers have access to six free financial counseling sessions that can help individuals address their current financial situation and any problems they might be having.
Some of the benefits of TrueConnect
If your business is interested in TrueConnect visit our Fair Lending Options of Employers page or contact us at 505-217-2747 or email firstname.lastname@example.org.
Prosperity Works Staff