Financial Capability and Asset Building With a Racial- and Gender-Equity Lens: Advances From the Field

Abstract

This essay explores the enormous potential of social service organizations to contribute to people’s financial well-being. It is informed by the work of four pioneering organizations that use a racial- and gender-equity lens to advance financial well-being. It explores five strategies: (a) embedding financial development into social services; (b) focusing on youth transitioning to adulthood; (c) partnering with asset coalitions to expand financial opportunities; (d) partnering with financial institutions; and (e) developing fintech with equity. These approaches hold promise to help address the racial wealth gap and improve financial security.