Building Assets for Low-Income Families

More than a quarter of Americans are without assets– living paycheck to paycheck without savings or investments in equity like a home or small business. Evidence shows that with training and incentives, even the lowest income Americans can break this cycle and begin saving and planning for a better future. Asset development: 

1. Promotes financial literacy, saving and access to mainstream banking
2. Promotes Earned Income Tax Credit (EITC) and other benefits claims and access to free/reduced tax preparation services
3. Provides incentives to invest in appreciable assets for long-term prosperity.

Asset building provides innovative ways to improve local economies and the lives Washington residents. 

Many areas are now starting coalitions and expanding their asset building work.  CTED offers start-up support and free consultation for asset building activities in local communities. Contact Paul Knox at 360-725-4140 for more information.

CTED and other partners convened the Washington State Asset Building Summit on August 1, 2006 in Ellensburg, WA.  135 participants learned together about asset building around the nation and formulated strategies for local and state action.  To review WABC Policy Principles, click here. 

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For more information about IDA’s and other asset-building strategies, visit:

• Individual Development Accounts (IDAs)
• Corporation for Enterprise Development
• Center for Social Development
• New America Foundation
• Promoting Economic Security for Working Families: State Asset-Building Initiatives