On Tuesday, March 29th, we kicked off the Pittsburgh Asset Building Network at the Kaufmann Center in the Hill District.
Our interest in asset building stems from our belief that all Pittsburghers, regardless of where they live, should have access to economic opportunity and prosperity. Many low-income residents, especially racial minorities, have no financial assets and zero or negative net worth, leading to housing insecurity, reliance on safety net programs, and inability to invest in their families’ future. A focus on building assets (including savings, investments, homes, cars, businesses, and education) means that families can build wealth and save for their future.
The local network will meet quarterly and work to advance shared priorities to build financial security of low-income residents. Early ideas include access to banking services, support for entrepreneurs, children’s savings accounts, and employment that covers basic needs and encourages savings.
Neighborhood Allies is one of 92 network leaders in the national Assets & Opportunity Network; these leaders convene over 5,000 people around the country in local networks. Our network participants include city and county government, philanthropy, financial institutions and direct service providers.