The financial well-being of Detroit residents: What do we know?

Source: Poverty Solutions

Afton Branch-Wilson is the lead author of the report.

Afton Branch-Wilson is the lead author of the report.

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This community conversation on Friday, Jan. 22 hosted by United Way for Southeastern Michigan and University of Michigan’s Poverty Solutions will explore the reasons why more than half of Detroiters are financially insecure or in financial trouble.

The virtual event will present key findings from a new report from Poverty Solutions, The Financial Well-Being of Detroit Residents: What Do We Know?

The report demonstrates how a combination of low and volatile incomes and disproportionately high costs makes it challenging for tens of thousands of Detroiters to maintain consistently positive cash flow and build savings, leading many households to accrue unmanageable debt and suffer low credit scores.

“Our report illustrates the set of structural challenges Detroiters confront every day when seeking steady financial footing, such as high utility bills and unpredictable wages,” said Afton Branche-Wilson, assistant director of community initiatives at Poverty Solutions and the report’s lead author. “We also highlight practical and urgent steps that policymakers and practitioners can take to help residents gain control over their finances, recover from financial setbacks, and build lasting financial security.”

This event is the first in a series of community conversations around opportunities for action to address the underlying conditions that create financial instability and hardship for so many Detroiters. We are seeking to engage a broad range of stakeholders – frontline staff, agency leaders, academics, financial institutions, policymakers, funders, individuals with lived experience of financial hardship, and general members of the community.