The third impact area identified as an issue facing the Waco community is financial security. The Financial Security Steering Committee collaboratively identified three issues within financial security.
The Steering Committee set the overarching goal for financial security as:
At least 55 percent of Waco residents will live with income above 200 percent of the federal poverty level by 2020.
To reach the broad, overarching goal financial security goal, three specific measurable goals have been created.
Goal 1: Employment
Increase employment of Waco residents ages 16-24 to 900 individuals, thereby decreasing unemployment by 50 percent.
Goal 2: Income
(1) Increase median income of full-time workers by 10 percent.
(2) Increase median household income for all Waco residents by 10 percent.
(3) Decrease the number of Waco-area residents with incomes below 50 percent of the Federal Poverty Level by 10 percent.
Goal 3: Wealth
(1) Reduce the percentage of Waco-area households living below the liquid asset poverty rate to the Texas average (~50 percent).
(2) More than 50 percent of Waco households will have a net worth above $15,000.
The working groups for Employment, Income and Wealth have met and are collaborating on strategies that would work best to reach the goal.
Below are the minutes from each working group. If you would like to join a financial security working group, please contact our Community Engagement Coordinator, Jillian, at firstname.lastname@example.org.
WG Summary 7.29.2015
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