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April 05, 2006
Report recommends policy changes to assist working families in Michigan
A new report, Helping Working Families Achieve Financial Security, funded in part by a $1 million Mott grant to the Council of Michigan Foundations, addresses the need for low-income families to plan for and invest in the future by building their assets. Issued by the Asset Building Coalition for Michigan -- an initiative of the Community Economic Development Association of Michigan -- the report is the culmination of six months of work by the coalition, and provides state officials with public policy recommendations.
The report presents an Asset Building Policy with four goals and a dozen policy recommendations, including:
dedicating existing economic development resources to encourage micro-enterprise and entrepreneurship;
reforming the Michigan Education Savings Program to be more inclusive and progressive for low-income households;
enacting a state-earned income tax credit to benefit the working poor; and
eliminating asset-limit rules to encourage savings for long-term goals such as retirement and education.
The report also highlights existing asset-building programs and policies in Michigan, such as the Michigan Individual Development Account Partnership (MIDAP) and Savings for Education, Entrepreneurship, and Down Payment (SEED) programs, which help low-income families become self-sufficient and plan for the future.
Short-term, the report offers ideas for state policymakers to expand IDA Accounts in the state and increase the availability of personal financial education. Long-term opportunities exist for several "big picture" ideas such as the creation of universal children’s savings accounts and universally available portable retirement savings accounts, according to the report.
Additional Resources
- Click here to read the complete report.
- Click any of the headlines below to view related articles on Mott.org: