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We empower ATX & DFW residents through accessible financial resources, mentorship, & education, aiming to minimize poverty.
We empower ATX & DFW residents through accessible financial resources, mentorship, & education, aiming to minimize poverty.
Per the Census, Austin’s population is 979,882 people and 12.3% of the population live in poverty. That means that 120,526 Austin residents are inherently experiencing critical financial hardships. The census also states that Dallas’ population is 1,302,868 with a poverty rate of 17.2%. That means that 224,094 Dallas residents are experiencing similar financial challenges. We believe there is a direct correlation between financial literacy and poverty rates because studies have shown that financial literacy improves household financial outcomes involving saving, investing and debt. By addressing this issue through comprehensive financial education, we aim to break the cycle of financial instability, positively impacting both, our target population, and the broader community.
The impact of financial instability is profound among minorities in Austin and Dallas. Limited financial knowledge hampers the ability to secure stable housing, education, and employment. It perpetuates a cycle of debt, making it challenging to plan for the future and stifling the potential for economic advancement.
The repercussions of financial instability extend beyond disadvantaged communities. The strain on social services increases as individuals face challenges in meeting basic needs, potentially leading to an increased burden on community resources. The lack of financial economic empowerment diminishes the overall well-being of the community, hindering its growth and vitality.
Texas is making efforts to improve financial literacy after the state lagged in the National Financial Capability Study. Despite legislative attempts to enhance personal finance instruction in schools, Texas ranks 43rd out of 50 states (and District of Columbia) in financial literacy. While we acknowledge Texas' efforts to improve the statistics, the state is only allowing schools to offer financial education as an elective, so it is still not a mandatory course in the curriculum.
We believe financial education should always be available and accessible to all in order to see true and consistent progress. In combination with Texas's efforts, Community Alliance Pact will help bridge those gaps in Austin and Dallas through our comprehensive financial education initiatives. We will spread our mission to other major cities across the state and eventually throughout the entire nation.
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