As individuals and families struggle with our economic downturn, the importance of financial fitness and savings has become amplified. Asset building is defined as “engaging in long-term saving and investment behavior as a means to increasing financial independence.” It provides low and moderate-income families with tangible incentives to save and use positive financial behaviors -- helping them gain financial success. In Washington State, asset building includes promotion and incentives for saving and banking, home ownership, individual development accounts, microenterprise development, financial education and counseling, and affordable financial services and products.
Since 2006, an array of private, public and non-profit organizations in Washington state have joined together to improve savings and financial skills, behaviors and outcomes for working families. These groups are members of the statewide Washington Asset Building Coalition (WABC) and 15 local coalitions who are using their collective resources to start and expand asset building services in their communities. WABC has focused the attention of leaders and private and public organizations across the state on the need to integrate financial fitness and asset building into the services provided to low and moderate-income customers and clients.
