Giving Compass’ Take:
• St. Louis city treasurer Tishaura O. Jones writes an essay about the impact that income volatility has on her community and what we can do about it.
• What can this example tell us about the economic health around the country? How can we make families more secure in their finances through anti-poverty initiatives?
Many families in our community are struggling with a silent epidemic — income volatility.
I can have a steady schedule but if it’s slow, they’ll send us home. Or, sometimes, we’ll work overtime. It depends.
My husband got laid off five months ago. I don’t know what he’s doing, temping here and there. He had a good union job.
These are quotes from St. Louis community members who, like millions of their fellow Americans, experience month-to-month swings in income, making it hard to make ends meet, plan for the future, and save money.
According to an Urban Institute study, one in four American families are hit with unexpected disruption in income every year. For some, this volatility exists year-to-year, others see it as much as month-to-month or week-to-week.
These swings can cause family finances to spiral, especially when there are no savings to turn to. A survey conducted by the Federal Reserve found that 44 percent of adults are unable to cover a $400 emergency expense without selling something or borrowing. When faced with this kind of setback, households are forced to turn to unsustainable solutions like predatory loans that can leave them with more debt.
The issue of income volatility is not unique to St. Louis, but is exacerbated by other issues we face, including high poverty rates and stagnant wages.
Read the full article about income volatility in St. Louis Tishaura O. Jones at The Aspen Institute.
Learning and benchmarking are key steps towards becoming an impact giver. If you are interested in giving with impact on Impact Philanthropy take a look at these selections from Giving Compass.
Looking for a way to get involved?
If you are looking for opportunities to learn and connect with others interested in the topic of Global Poverty, take a look at these events, galas, conferences and volunteering opportunities aggregated by Giving Compass.
Are you ready to give?
Global Poverty is an important topic. Other members found these Giving Funds, Charitable Organizations and Projects aggregated by Giving Compass to be relevant to individuals with a passion for Global Poverty.