Asset Building and Financial Services

Access to fairly-priced financial services, such as a basic checking account, savings account, or other investment opportunities, plays an important role in facilitating asset-building in low-income urban communities. By contrast, costly alternative financial institutions and services often deplete the financial assets of urban residents in communities where these institutions are concentrated.

This initiative examines existing barriers to asset building in urban communities to improve wealth building opportunities available to urban residents. Activities to date have included:

• Reporting on the geographic distribution of financial institutions in Essex County comparing the distribution of the branches of mainstream banks with the distribution of check cashing outlets.
• Supporting a local coalition of community groups that provide free tax preparation assistance to local Newark residents through the federal VITA program and facilitating partnerships with local banks offering financial services to VITA clients.

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