IMPACT MATTERS

UW Seeks Public Input on Financial Stability Counsel Proposals

The challenges of financial instability are not limited to specific economic and demographic subcategories, but affect the majority of the public and our entire economy. Unfortunately, current approaches do not have sufficient reach and scale to truly solve the growing challenges of financial insecurity, especially as healthcare costs spiral out of control.

Financial Stability Council

To address financial instability at its core, United Way of Salt Lake, (UWSL), in partnership with United Way of Northern Utah, United Way of Utah County, Salt Lake Chamber, and the office of the Governor, convened a Financial Stability Council last April to lead the development of integrated solutions that have the potential to influence every Utahn in the areas of income, assets, health care, housing and financial literacy. The Council’s overall objective was to develop proposals that have the potential to impact the broadest possible segment of the population. Over the past six months working committees within the Council developed draft proposals for each of the five components of financial stability. The proposals were released to the public last week. Following are the Council’s stated objectives to be achieved by each the proposals:

1. Health Care Objective—make health care more affordable (cost), improve health care outcomes (quality), and increase health coverage for the uninsured (access). We define success as passage of comprehensive health system reform legislation in 2008 that creates a multi-year framework to contain health care costs, ensure access and enhance quality. Read the proposal here.

2. Income Objective—recognizing that completion of post high school education (either a college degree or other technical degree) correlates significantly with higher individual or family income, and that the longer and more complex the post high school education, the better the long term economic outlook, it is imperative that Utah develop or build on successful models for expanding opportunities for post-secondary education, strengthening academic achievement, creating high-wage, non-exportable jobs, and improving the income of low-wage workers. Read the proposal here.

3. Assets Objective—to remove barriers to saving and investing while creating an orientation toward the future that helps all Utahns be better prepared for post-secondary education, homeownership, and retirement. Read the proposal here.

4. Housing Objective—to develop and implement bold policies and initiatives that will result in a wide range of housing options being available to the entire Utah workforce (which require no more than 30 percent of their income) and the expansion of homeownership opportunities. Read the proposal here.

5. Financial Literacy Objective—to provide consistent and comprehensive financial education and behavior-changing support to all children and adults in Utah. Read the proposal here.

Each of the proposals were drafted after much research and discussion, and we are now seeking public input regarding the proposals and how each of the five components of financial stability affect Utah families. Your input is highly appreciated. We hope you will read the proposals and help us face the challenge to create:

• A strong middle class with incomes that meet basic needs;
• Opportunities and incentives for all families to save and form assets;
• Affordable health care and housing for every Utahn;
• Consistent and comprehensive financial education for all children.