More than half of Detroiters are financially insecure or in financial trouble. A recent report from University of Michigan’s Poverty Solutions, The Financial Well-Being of Detroit Residents: What Do We Know?, unpacks the reasons why. A combination of low and volatile incomes and disproportionately high costs makes it challenging for tens of thousands of Detroiters to maintain consistently positive cash flow and build savings, leading many households to accrue unmanageable debt and suffer low credit scores.
The financial deck is stacked against Detroiters. Join us on Feb. 2, 2022, at 1 p.m. as we launch the Financial Well-Being Innovation Challenge. Together, we can unstack that deck so Detroiters have more opportunities to thrive financially.
This event is open to the public. Register today.REGISTER
In response to the report’s findings, United Way announced the creation of a Detroit Financial Well-Being Innovation Challenge. This initiative, in partnership with University of Michigan’s Poverty Solutions, will catalyze concrete action to improve financial well-being in Detroit. The multi-year initiative will provide seed funding for innovative pilot programs or initiatives designed to address the underlying structural and systemic barriers to financial well-being identified in the report.
The innovation challenge was developed with input and feedback from community stakeholders. The challenge will launch at 1 p.m. on Wednesday, Feb. 2. Register today for the launch event!
United Way is actively seeking funding partners for this initiative to meet a funding goal of at least $2.7 million for this initiative.