Promoting financial stability and independence
11.1% of all working households in Monmouth County are considered lower-income (income less than 250% of the federal poverty line.) Many do not earn enough money to meet their basic needs and are just barely getting by. They have no ability to save for college, retirement or a home. Even one unanticipated expense can lead to a crisis.
The Self-Sufficiency Standard developed by The Legal Services of New Jersey Poverty Research Institute measures the real cost of living (how much money is needed for a family of a certain composition in a given place to adequately meet their basic needs) without public or private assistance. For example, in order for a single adult in Monmouth County to be considered self-sufficient, they must earn at least $12.61 per hour while the minimum wage per hour in New Jersey is $7.25. A single adult with a preschooler and a school-aged child must earn $28.26 per hour, the equivalent of an annual income of $59,683. Two adults with an infant and a preschooler must earn $16.39 per adult the equivalent of an annual income of $69,219.
The community and family issues that stem from the economic and financial pressures facing individuals and their families are growing increasingly complex and more difficult to address. By tackling the underlying root causes we can help to empower lower-income households achieve financial independence.
A presentation and discussion on the Income Impact plan was held on October 8, 2009.
A Mandatory Income Technical Assistance meeting, for those interested in applying for Income Impact funding was held on January 28, 2010. At that meeting the following RFP’s were discussed and distributed which were developed as part of the Income Impact plan:
- Financial Stability Initiative
- Overcoming Barriers to Employment
- Supportive Employment
All agencies interested in applying for Income Impact funding through these RFP’s must have attended the Technical Assistance meeting.