Income
: The Financial Empowerment Zone (FEZ)
Click here for our calendar of upcoming financial literacy events.
Click here for a pdf of the FEZ Summer 2011 Report to the Community.
United Way of Passaic County's Financial Empowerment Zone (FEZ) helps
individuals and families attain and preserve assets, become more
financially stable, and achieve long-term economic independence.
Services: FEZ provide free tax preparation services, case management help with enrollment in income supports and financial literacy workshops to increase the financial stability among lower-income working families in Passaic County.
FEZ is working to reach unbanked households in Paterson and the surrounding communities as many of our residents use alternative financial service providers (AFSPs) - check cashing outlets, payday lenders, pawnshops, money transmittors, etc - to conduct some of their financial transactions. Families cannot achieve financial stability unless they have enough
income to pay for today’s necessities and save for the future. Prolonged
poverty leads to health concerns, to disruptions in housing, and family
problems.
Goal: Increase the number of families who are able to meet their basic needs and increase their financial stability.
WHY A FINANCIAL EMPOWERMENT ZONE?
Stagnany incomes, increases in the cost of living and high levels of unemployment have increase the financial instability of thousands of residents in Passaic County. With 83,000 people living below the Federal poverty level, Passaic County, ranks first in New Jersey in both numbers and percentages (17.2%) of households living in poverty. Over a quarter of all children in our county live below the poverty threshold.
An additional 30% do not earn enough to be considered self-sufficient - in all, almost half of Passaic County households are struggling. New Jersey and Federal budget cuts have decreased funding for health and human service programs that have traditionally provided a safety net for our Passaic County neighbors in these hard times.
ALICE Report
As part of United Way of Morris County's mission to
advance the common good of our communities, they created a task force to better understand the families and individuals living and
working in Morris County who are struggling to make ends meet. This
population was brought to life as ALICE – Asset Limited, Income Constrained, Employed.
United Way's volunteer task force gathered data about ALICE so that we
can explore the challenges preventing this population from attaining
financial independence. A companion piece ALICE Report in PAssaic County is below.
ALICE Report
ALICE Report for Passaic County
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