A $735 car repair. A $1,280 medical bill. A cutback on hours that reduces take-home pay by $250 per week. Financial shocks like these happen to financially vulnerable families every day. Such shocks destabilize household finances and can create hardships that threaten overall well-being. Having tools to manage financial emergencies is critical for people’s long-run financial security.
The Asset Funders Network (AFN) developed this primer to inform community-based strategies
that can help economically-vulnerable families to better manage financial setbacks, shortfalls, and
shocks. The goal of this brief is to provide a common understanding and language for funders and
financial capability programs as part of a financial emergency toolkit.
On November 17, 2020 AFN released the new brief, Achieving Financial Resilience in the Face of Financial Setbacks. Viewers heard from author J. Michael Collins, PolicyLab Consulting Group, on the need and case for financial resilience supports for people in financial emergencies, as well as a framework to better understand the wide range of programs and models in the field that make up an effective financial emergency toolkit. View the webinar recording titled “Building a Financial Emergency Toolkit” to learn:
- What community-based strategies can help families to better manage financial shocks?
- How can philanthropy support responsive and innovative programs to provide strategic short-term financial supports?