How to Get Started Building Savings for Your Future

This is the fourth in a series, Midas in Action, of several blog posts detailing wealth inequality in Massachusetts and how the MIDAS Collaborative partners with several different nonprofit organizations to combat the myriad obstacles individuals of low- and moderate-income face in the pursuit of financial security.

In this blog post, we will focus on financial education. Quality financial education is vital to financial literacy and independence.

Lawrence Community Works (LCW) fosters holistic community empowerment by way of increasing housing opportunities and providing support systems for those just getting on their feet. MIDAS has partnered with LCW to help facilitate a matched-savings program to provide sturdy financial foundations that are both vital to the process of wealth accumulation and confidence-building in the ability to do so.

Previously, we covered the challenges of those experiencing homelessness, and how MIDAS works to empower those with low to moderate income who lack an address. Here, we will cover the extent of income inequality within Massachusetts and the current distribution of wealth.

Last week’s blog focused on first-time homeownership, but, of course, there are preliminary steps towards wealth acquisition that must be made even before then. Breaktime, a Boston-based nonprofit and the newest Midas member organization, has identified unemployment as the single most significant barrier in the way of homeless young adults seeking stable living situations.

This is the first in a series, Midas in Action, of several blog posts detailing wealth inequality in Massachusetts and how the Midas Collaborative works with its member organizations to combat the myriad obstacles individuals of low- and moderate-income face in the pursuit of financial security.

Homeownership is often considered the American Dream. From the first advancement of one’s candy-colored game piece in “The Game of Life,” homeownership is clearly defined as a rite of passage into adulthood and independence. The unfortunate reality, however, is that this milestone, taken for granted during daydreams of youth, becomes far more complicated upon entrance to the real world and often does not manifest for those outside of the upper echelons of society.

In a recent blog, we established housing as a driver of wealth inequality. Massachusetts is ranked sixth highest in the nation in regards to total number of people experiencing houselessness, which reached 18,471 in 20211. Many people experiencing homelessness are “un-banked”, or without a bank account, due to a lack of a permanent address.

This is the first in a series, The Wealth Gap, of several blog posts regarding the state of wealth inequality in Massachusetts, and how The Midas Collaborative or ‘Midas,’ has been working to advance the financial security of low- and moderate-income individuals for over two decades. The first topic to be covered here is housing, and in particular, the discrepancies in homeownership across different demographics.