We are excited by the release of the U.S. Department of the Treasury’s first-ever National Strategy for Financial Inclusion! 🙌 🙌 Years in the making, with the input and support of a broad cross-section of leaders, this landmark strategy is an important step in ensuring a robust and inclusive financial system for all people in America. This bold plan will help families and businesses achieve short-term stability and build long-term financial security. As conveners of the Working Group on Inclusive Finance, Aspen FSP is proud to have played a role in bringing this strategy to life. In the words of FSP’s co-executive director Ida Rademacher: “Having the highest level of government launch a strategy this robust–with national objectives, priorities, and action steps laid out–signals its vital importance to American households and increases our momentum toward building a financial system that fosters greater trust and works for everyone.” Working across five key objectives, the strategy will help ensure that every person in America has equitable access to affordable and tailored transaction accounts, safe and affordable credit, savings and investments, government-backed financial services, and protection from illegal and predatory practices. Alongside our partners, we’re eager to get to work to help implement this shared vision and realize the strategy’s full impact for future generations! Read the full strategy report: https://lnkd.in/eMJG5K8S The Aspen Institute Kate Griffin Erin Borġ (Thiemann)
The Aspen Institute Financial Security Program
Non-profit Organizations
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Aspen FSP works to solve financial challenges facing US households to make financial security for all a priority.
About us
Aspen Institute Financial Security Program’s (Aspen FSP) mission is to illuminate and solve the most critical financial challenges facing American households and to make financial security for all a top national priority. We aim for nothing less than a more inclusive economy with reduced wealth inequality and shared prosperity. We believe that transformational change requires innovation, trust, leadership, and entrepreneurial thinking. Aspen FSP galvanizes a diverse set of leaders across the public, private, and nonprofit sectors to solve the most critical financial challenges. We do this through deep, deliberate private and public dialogues and by elevating evidence-based research and solutions that will move us beyond merely managing household financial scarcity to creating the conditions of security and well-being that will enable full participation, agency, and dignity in both our economy and our democracy. Together, we can change the future of wealth in America by increasing tenfold the wealth of households of color and those in the bottom half of the wealth distribution in the United States.
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External link for The Aspen Institute Financial Security Program
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Updates
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💡New Research Alert 💡 An Aspen FSP analysis found that less wealthy households saw their median wealth increase by 88% during the pandemic. It’s a huge gain, but we can’t stop here. Our New Wealth Agenda Progress Report shows that many Americans, including young people, renters, and households of color, still lack the net worth to be financially secure. For example, median white household wealth was 8 times greater than median Black household wealth in 2019; that ratio fell to 6.5 in 2022. More work is needed to reduce the ongoing racial wealth gap in the U.S. Learn how we can build wealth for all Americans in our report: https://ow.ly/yrZw50TR8VQ
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That’s a wrap on our U.S. Bank salon dinner series! For our third and final discussion, FSP’s Karen Biddle Andres and Kate Griffin gathered with a dozen cross-sector leaders in Chicago to explore how small businesses can drive economic growth and wealth-building. 🤝📈 Our conversation covered everything from innovations in employer-provided retirement plans, to up-and-coming Chicago businesses and incubators, and special purpose credit vehicles! We’re grateful to our US Bank colleagues Deepa Chatterjee and Sekou Kaalund and to our participants Tracie Anderson, Rodney Brown, Kant Desai, Adam Engle, Marianne Markowitz, William J. McIntosh III, M.B.A., Horacio Méndez, Tiffany Mikell, Joe Neri, Robin Newberger, Andrea Sáenz, and Sarah Spunt, LCSW for making this final salon dinner a success. 🙌
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At Aspen FSP, we know that an inclusive economy is a healthy economy. Our new dialogue series, The Future of Women in the Economy, highlights how women’s financial stability is tied to overall economic growth. Join us TOMORROW at 2:00pm ET for our series kickoff webinar, It’s Women in the Economy, Stupid! FSP's senior fellow Heather McCulloch will chat with finance reporters Josie Cox and Chabeli Carrazana about the economic barriers facing women today and identify pathways toward building a gender-equitable economy. 📝 Register now: https://lnkd.in/gq8e8V8X
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Who benefited the most from pandemic-era gains? People who already owned assets. That’s according to a new Aspen FSP data analysis. Building on 2023’s “The New Wealth Agenda,” this progress report shows that despite record wealth gains between 2019-2022, racial inequality remains high and many households still lack the net worth needed to be financially secure. Our analysis found that households in the bottom half of the wealth distribution saw their wealth rise by 88% to $27,000. But many of these gains are not sustainable in the long-term without further action. We call on cross-sector leaders to: 💵 Invest in the benefits that increased financial stability during the pandemic. 📈 Build on increased participation in investment markets among low-wealth investors and people of color. 🏠 Support stronger wealth building pathways for renters, not just in accessing homeownership, but across a wide range of assets. Dig into the data and our recommendations: https://ow.ly/T0lu50TQXoY
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The ownership economy is here! That was the rallying cry of 100 leading investors, practitioners, policy leaders, and entrepreneurs at ASSEMBLE100 last month. Organized with our partners Gary Community Ventures and The Bridgespan Group, this first-of-its-kind summit spurred cross-sector momentum on ownership investing as a vehicle to economic stability and inclusive wealth creation. Ownership investing has the potential to 10x the wealth of U.S. households of color and those in the bottom half of the wealth distribution. Our partners at Gary Community Ventures put it well: “By shifting who owns assets we not only shift who benefits from wealth and power in our country, we advance economic justice for families and individuals whose path to wealth has been intentionally and systemically obstructed.” A full report from the ASSEMBLE100 summit will be available soon, but early takeaways suggest that successfully growing the ownership investing movement will involve: 💬 Developing shared language and understanding around ownership investing. 📈 Scaling ownership models and documenting their impact in the marketplace. 📢 Continuing to grow investor awareness and participation in ownership investing. The leaders at this gathering put forward a bold vision for the #futureofwealth in the U.S. Now it’s time to roll our sleeves up and get started on what Ida Rademacher calls “the work of a lifetime!” Genevieve Melford, Heather McCulloch, Joanna Smith-Ramani, Santhosh Ramdoss, Devin Murphy, Catherine Toner, David Bank, Atharva S., Margot Brandenburg, Smitha Das, Amy Brakeman, Dave Young, Aron Szapiro, Hope Wollensack, Jenna Louie, Donna Sims Wilson, Ashley D. Bell, Lauren Sercu, CFA , Brian Svendahl, CFA, Philip Reeves, Delilah Rothenberg, Joseph Blasi, Brian Boland, Tracy Hadden Loh, Brian Murray, Jill Hawley, Mowa Haile, Douglas Dell, Aisha T. Weeks, MPA, Cindy Willard, Efrata Kirose, Charlyn Moss, Abby Murray, Chris Herrmann and Hilary Cooper.
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Not enough Americans are invested in the economy, and many are acutely disconnected from the asset building tools that create wealth. How can we ensure that everyone fully participates in the upside of America? One solution: early wealth building accounts. By investing in young people early (ideally at birth), we can build a system that provides an on-ramp to wealth building for young people. Join us for our 10/21 livestream with Invest America exploring the economic impact of early wealth building accounts! Moderated by Ray Boshara, our discussion will cover new insights from the research of Milken Institute’s Kevin Hassett and Robert Shapiro. Join us 👉 https://lnkd.in/eaujPTs5 The Aspen Institute BlackRock Karen Biddle Andres Jason E. Joanna Smith-Ramani Ida Rademacher Erin Borġ (Thiemann) Julia Rocchi Kara Woolley (Watkins) Alex Coccia Kate Griffin Tim Shaw
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By 2030, women will hold $30 trillion in financial assets, a 300% increase 📈 from 2020. With women’s economic contributions rapidly growing, how can we create an economy that meets women's unique financial needs? That’s one of the questions we'll be asking reporters Josie Cox and Chabeli Carrazana in our upcoming webinar, It’s Women in the Economy, Stupid! Part of The Future of Women in the Economy dialogue series, this kickoff webinar will cover past and present roles of women in the workforce and opportunities for future economic policy innovation. Register now: https://lnkd.in/gq8e8V8X Joanna Smith-Ramani Heather McCulloch The Aspen Institute The 19th
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The Aspen Institute wants to hear from you! Our colleagues at the Aspen Partnership for an Inclusive Economy are asking for your feedback to help shape and improve our communications around the economy. Please fill out ✍ this brief survey to share your insights! https://lnkd.in/enD5ZWKm Aspen Institute staff, interns, fellows, partners, and trustees are also encouraged to respond!
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🗓️ Mark your calendars for our 10/21 livestream on the impact of Early Wealth Building Accounts with Invest America 🗓️ Moderator Ray Boshara will be joined by Milken Institute's Kevin Hassett and Robert Shapiro to discuss how early investment accounts can offer young Americans a meaningful ownership stake in the economy. Register now ➡️ https://lnkd.in/eaujPTs5