Home > Strategic Actions to Address Financial Stability
Last Update: 3/15/2021

Strategic Actions to Address Financial Stability

Strategy to Reduce Poverty: Financial Literacy, Network for Social Enterprise and Bridges Out of Poverty
Financial Literacy involves creating a blueprint around finance education and engagement with the purpose of educating and supporting citizens to find a path to financial stability and utilize banking to build wealth. Make it possible for citizens to obtain checking and/or savings accounts and avoid the predatory fees of check-cashing and pay-day loans establishments.

Network for Social Enterprise includes entrepreneurial activities and/or opportunities that are driven by a social need, and the creation of the activity further provides opportunities (such as jobs or skill development) for those in need of those opportunities. Groups begin by identifying a social need, such as homelessness, and then analyze the need to determine or identify a solution to that issue. Then develop opportunities that assist with that effort that includes the participation or support from the population that is being served.

Bridges Out of Poverty Community Support Program provides a family of concepts, workshops, and products to help employers, community organizations, social service agencies, and individuals address and reduce poverty in a comprehensive way. Each program starts by creating an understanding of the dynamics that cause and perpetuate poverty and then delivers concrete tools and solutions for building resources and overcoming the barriers to success that poverty creates.

Encourage Community Ventures to Employ Local Residents: Community Ventures
Community Ventures (CV) is an effort led by the Michigan Talent Investment Agency to help structurally unemployed individuals pursue career opportunities at Michigan Companies.

Saginaw is one of four communities targeted for CV as an effort to reduce crime and unemployment.
The effort is a collaboration between the economic development organization, MI Works, Michigan Talent Investment Agency, Department of Social Services, area employers, National Association for the Advancement of Colored People and local clergy to identify companies interested in eligible participants, target potential candidates for employment and connect the two.

For More Information:

THRIVE Financial Stability Mini Dashboard

Compared to MI Counties, MiHIA has a value of 10.8% which is in the worst 25% of regions. Regions in the best 50% have a value lower than 8.6% while regions in the worst 25% have a value higher than 10.3%. Families Living Below Poverty Level
(Compared to MI Counties)
Compared to MI Counties, MiHIA has a value of 3.1% which is in the 2nd worst quartile of regions. Regions in the best 50% have a value lower than 2.6% while regions in the worst 25% have a value higher than 3.2%. Households with Cash Public Assistance Income
(Compared to MI Counties)
Compared to MI Counties, MiHIA has a value of 15.9% which is in the worst 25% of regions. Regions in the best 50% have a value lower than 13.4% while regions in the worst 25% have a value higher than 15.3%. People Living Below Poverty Level
(Compared to MI Counties)
Compared to MI Counties, MiHIA has a value of $32,400 which is in the 2nd worst quartile of regions. Regions in the best 50% have a value higher than $32,679 while regions in the worst 25% have a value lower than $29,736. Per Capita Income
(Compared to MI Counties)
Compared to MI Counties, MiHIA has a value of 53.4% which is in the 2nd worst quartile of regions. Regions in the best 50% have a value lower than 53.1% while regions in the worst 25% have a value higher than 58.5%. Students Eligible for the Free Lunch Program
(Compared to MI Counties)
Comprehensive list of indicators related to the topic of financial stability tracked on our dashboard.
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Up to Date Progress

We believe that monitoring the progress of our interventions is a essential process that comes into play between setting and attaining a desired end. Continuous, up-to-date progress-tracking is the best way to ensure that the objectives are translated into action.

                             

        Implementation Stage                                Expansion Stage                                       Scaling Stage                                    Sustainability Stage

The progress-tracking graphic above is a handy visual aid designed for a "quick glance" update. The graphic color will update as we continue towards a path of successful completion of this intervention.
Key
  • Red: Signifies no work has been completed
  • Orange: Signifies a plan has been created to begin work on the intervention
  • Yellow: Signifies action has been created for the intervention
  • Light Green: Signifies action has begun towards executing all of the objectives and some strategies are completed
  • Dark Green: Signifies significant progress towards completion of all objectives

Intervention Progress per Objective and Strategy

Learn more by exploring the objectives below

The THRIVE Financial Stability Intervention will help our region further:
• Create greater financial literacy and financial education blueprint
• Educate and support citizens to find a path to financial stability, utilize banking to build wealth and take action through entrepreneurial activities
• Provide opportunities such as jobs, skill development and wrap around services to for successful employment
• Provide a family of concepts, workshops, and products to address and reduce poverty
• Help structurally unemployed individuals pursue career opportunities in the region

Objective 1: Team Building

  • Strategy 1.1 - Build a THRIVE Financial Stability Team

    Responsible Party:
    THRIVE
    Data:
    Messaging about the THRIVE Financial Stability team was crafted to build a team; team members joined and shared resources related to programs, services and initiatives in the region focus on financial stability; team leadership along with roles and responsibilities were established
    Target Completion Date:
    Spring 2021
    Progress Highlights and Significance:
    It is critical to relationship building to have clear messaging about the intent of the THRIVE Financial Stability intervention so stakeholders feel comforable volunteering their time to join this collaborative work

Objective 2: Ecosystem Development

  • Strategy 2.1 - Develop an ecosystem of resources that exist regionally, state-wide, and nationally that address financial stability

    Responsible Party: 
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to relationship building to have clear messaging about the intent of the THRIVE Financial Stability intervention so stakeholders feel comfortable volunteering their time to join this collaborative work

Objective 3: Capacity Building

  • Strategy 3.1 - Determine Community Engagement Strategy

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

  • Strategy 3.2 - Explore Funding and Financing Opportunities

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

  • Strategy 3.3 - Determine Funding Necessary to Scale Projects

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

  • Strategy 3.4 - Determine Micro Metrics, Data Indicators, and Performance Measures

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

Objective 4: Collaborate with Organizations to Implement, Expand, Scale, and Sustain Financial Stability Interventions

  • Strategy 4.1 - Collaborate to Expand United Way of Saginaw County's VITA Volunteer Program

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

  • Strategy 4.2 - Work with CDFIs to Bring Financial Stability Interventions to the Great Lakes Bay Region that do Not Currently Exist

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

  • Strategy 4.3 - Work with Organizations to Provide Training to Non-Traditional Students so they may Enter the Job Market with Living Wages

    Responsible Party:
    THRIVE Financial Stability Team
    Data:
    Action has begun towards executing this objective
    Target Completion Date:
    Winter 2022
    Progress Highlights and Significance:
    It is critical to build a financial stability ecosystem so the THRIVE Financial Stability team can know who is working on which projects, services and programs to avoid redundancy and duplication and to expand, scale and sustain what is working well throughout the ecosystem

Michigan Health Improvement Alliance