Financial Stability Coalition

GOAL:  Community members learn skills to become financially independent.

SUCCESS STORY

The pandemic continues to significantly challenge many families. Lauren and Jake the parents of two young children, has been facing many stressful concerns, especially when it comes to supporting their family.
The family struggles financially after two quarantine periods causing a loss of income but still having child care costs even when the children were not in care. The family does not receive Wisconsin Shares so the family is responsible for 100% of the cost of care. She states that, “Due to the increase in the cost of living it is a struggle to keep our heads above water.”

The $1,000 Scholarship Aid funding was able to offer some financial support to help cover child care costs. Childcaring sent the funding directly to the child care provider and it was applied to her existing child care bill. Many families are trying to cope during this difficult time. Childcaring is happy to assist the family.

 

LOCAL RESULTS

  • 80 high school students from six school districts competed in the Finance & Investment Challenge Bowl in 2022
  • 647 south Wood County youth received free school supplies during the Stuff the Bus/Desk Event in 2021
  • 24 tax filers in south Wood and Adams Counties used MyFreeTaxes to file for free, in 2022 receiving an average refund of $2,199

Source:  Financial Stability Coalition, United Way of South Wood & Adams Counties, Financial Stability Coalition

SUPPORTING INFORMATION

  • ALICE is an acronym for Asset Limited Income Constrained Employed. The ALICE Report is a means to define and understand the individuals and families working hard but not earning enough to afford basic living needs
  • 32% of Wood County households and 43% of Adams County households are considered ALICE
  • With rising healthcare costs, seniors are the largest growing segment of ALICE households. 39% of Wood County seniors and 47% of Adams County seniors live below the ALICE threshold
  • Unable to save, ALICE households may be one unexpected expense or emergency away from spiraling into poverty

Source:  United Way of Wisconsin ALICE Report 2018, Financial Stability Coalition, Financial Stability Coalition 

MORE LINKS:

View the Funding Your Future Newsletter here