Asset Building

From financial education to affordable housing, building assets creates a foundation for economic security and future success.

An ‘Open Door’ to Financial Security

Posted on by Rachel Dove

Editor’s note: Below is a guest blog post from Grantee Partner Doorways for Women and Families.

When Susan left her abusive husband and entered our Safehouse, she had had no control over her finances for years. Her immediate safety had always been her main concern, so her financial circumstances were a lower priority. But we knew that for Susan to successfully leave this relationship, we had to make her financial security a priority as well.

At Doorways for Women and Families, we know that financial stability is critical to the long-term safety and independence of survivors of domestic violence. Having an independent income, an understanding of debt and savings and knowledge of money management can make the difference between a survivor maintaining his/her safety or returning to their abuser. That is why in 2005, we created our Financial Independence Track (FIT), a program that helps clients develop financial literacy and skills.

After suffering years of abuse and control, many of our clients are unfamiliar with how to manage their finances. Financial abuse can also leave our clients with major debts from $2,000-$60,000, while their incomes often only range from $6,000-$24,000. These issues are compounded by feelings of low self-esteem, depression and fear leading to severe deficits in their sense of empowerment over their finances.

When Susan met her financial counselor, she pulled her credit report and discovered that her husband had run up her credit card with $6,000 in student loan debt.  Susan’s only source of income was her Social Security Disability Insurance, but her FIT counselor shared that she might be eligible for debt forgiveness through the U.S. Department of Education’s Total Permanent Disability Discharge Program.  Within four weeks of submitting the application, Susan’s case was sent to their office for review and her debt relieved. As Susan began to see some light at the end of the tunnel, she continued to work with our FIT program and saved $2,257 to help her secure her own apartment.

Our FIT program takes a multifaceted approach to address the financial challenges of Doorways’ clients, ensure we fully understand a client’s personal financial situation and find the best resources and solutions available. Through regular one-on-one sessions, FIT counselors help by:

  • Meeting clients were they are financially to build tailored financial plans; Doorways number of clients served
  • Improving clients’ understanding of basic money management through creation of a monthly budget and education on the importance of credit reports/scores;
  • Helping clients understand strategies to reduce debt;
  • Aiding clients in understanding their rights, how to communicate with collectors and address debt which may inhibit them from living independently;
  • Creating separate bank accounts for our clients, ending their association with their abuser’s finances; and
  • Helping clients to live self-sufficiently and independently.

Unfortunately, Susan’s story is not unique. Far too many women are on the verge of returning to abusive situations because they lack the financial stability on their own, but support from organizations like Washington Area Women’s Foundation ensures these stories end with a brighter future. Over the years, we have seen tremendous success from our FIT model, and we continue to grow our program by partnering with area businesses, community groups and individual community members to help create pathways to employment and financial success and security for our clients.

To learn more about FIT, and how you can help reach more survivors of domestic violence and families experiencing homelessness, visit: www.doorwaysva.org.


Doorways has been a Washington Area Women’s Foundation Grantee Partner since 2007.

Report Shows Need for Financial Counseling for Domestic Violence Survivors

Posted on by Mariah Craven

DV-Counts-CoverThe latest Domestic Violence Counts report is out and the 2013 census of domestic violence shelters and services shows the devastating impact that economic insecurity can have on victims of abuse and their children.

Each year, the National Network to End Domestic Violence (NNEDV) takes a look at the people served and the services provided during one 24-hour period at participating programs across the country. On September 17, 2013, just over 1,600 programs participated in the census. They served over 66,000 people. The stories behind the numbers range from uplifting to devastating.

“One of our program participants received a job offer on Census Day,” a Missouri advocate reported. “This employment opportunity will provide her with an income to be able to exit the shelter and obtain and retain her own housing for her family.”

But an advocate in Alabama shared: “Despite extreme stalking and a high threat of danger, a survivor was denied community legal services because there was no physical abuse. The survivor makes minimum wage and is unable to afford a divorce attorney.”

For women who experience domestic violence, economic security and personal safety are closely linked. Sara Shoener from the Center for Survivor Agency and Justice recently explained to the National Domestic Violence Hotline that domestic violence increases the risk for financial insecurity, and that poverty can increase the risk of vulnerability to abuse. “Domestic violence survivors often rank material factors such as income, housing, transportation, and childcare as their biggest considerations when assessing their safety plans,” she added.

Support services that help women establish economic security can help them leave abusive situations and stay safe. In addition to the basic necessities that Shoener listed above, a significant number of women also need help navigating the social services system. They may also need help building their financial literacy skills. In order to maintain control, an abuser might ruin a victim’s credit, fail to pay or hide bills, steal a victim’s possessions or misrepresent the state of their finances. It may take time and guidance for a survivor to get her financial house in order.

The Domestic Violence Counts report found that 29 percent of programs provided services related to building financial skills on the day that the census was taken. Eighty-three percent of programs provide this service throughout the year. And 22 percent of the programs surveyed provided job training and employment assistance on Census Day.

In spite of the clear need for more counseling and support around financial issues – and the dangers associated with economic instability – funding cuts and reduced resources across the country have meant that dozens of programs have had to reduce or eliminate their financial literacy services and job training and employment assistance programs.

These cuts may seem necessary now, but the long-term expense on our entire community is far too great. At the release of the Domestic Violence Counts report, it was revealed that eight million work hours are lost each year as a result of domestic violence in the United States. Victims of abuse may miss work because of injury, legal proceedings or sudden changes to their living situations.

“If we don’t pay for domestic violence aid now, we pay for it down the line through healthcare, lost productivity and the impact on children exposed to violence,” said Kim Gandy, president of NNEDV.

The services and models for assistance are already in place – now we need to restore and increase funding to these programs so that more survivors can have the safety and security that everyone deserves. On September 17, 2013, nearly 400 people in DC, Maryland and Virginia who reached out to a shelter or service provider for help were turned away because the providers did not have the room or resources to serve them. No woman whose personal safety is at risk, and who reaches out for help should ever be turned away. And no mother should have to stay with an abuser because she has nowhere to take her children.

Three Things You Can Do to Help

When Data Tells a Local Woman’s Story

Posted on by Lauren Stillwell

CFED asset scorecard coverWorking in the nonprofit sector and philanthropy, it helps to be a bit of a data nerd.  Increasingly, tracking, crunching, and assessing data is not just a “nice to do” but a “must do.”  At The Women’s Foundation, we work hard to make sure we’re investing in strategies that are data-driven and evidence-based.

For those who are not data nerds, it helps when data tells a real story of a woman’s life.  That’s why I do a happy dance when CFED launches its annual “Assets & Opportunity” scorecard.  The scorecard is user-friendly and includes data beyond financial assets, such as education, health and jobs.

So, what does the 2014 scorecard tell us about the lives of women and families in the Washington region[i]?  Here are a few things that struck a chord for me:

  • DC and Maryland have stronger asset building policies, and stronger outcomes for families.  Virginia has weaker policies, and weaker outcomes for families.  For example, DC and Maryland have eliminated “asset tests” for SNAP (the Supplemental Nutrition Assistance Program, or food stamps) that discourage recipients from building the savings that could otherwise help them move toward self-sufficiency.
  • Maryland has the highest adoption of asset building policies in the US – but it’s still only 60% of what could be adopted.
  • DC has the worst ratio of homeownership rates in the US, comparing the rate between two-parent (67.7%) and one-parent households (29.2%).  This, to me, says a lot about the financial status of one-parent households in the District, and the importance of investing in asset building for the low-income women we aim to serve.

When the scorecard comes out, I also always look at the “liquid asset poverty rate.”  It’s a jargon-y term for the savings on hand (cash and other accounts that can be liquidated quickly) to help individuals and families in the event of a crisis, like a job loss or medical emergency.  What I’m always shocked to think about is that these assets are what allow someone to “subsist at the poverty level for three months in the absence of income.”  We’re talking about the ability to simply subsist at poverty levels, which is awfully close to slipping below, and is certainly not enough to get by in our region.

  • In Virginia, 51.8% of single female-headed households live in liquid asset poverty.
    If it’s a two-parent household, this rate drops to 27.5%.
  • In Maryland, 48.4% of single female-headed households live in liquid asset poverty.
    If it’s a two-parent household, this rate drops to 21.4%.

These numbers are consistent – or in some cases even lower – than national rates, but they are nevertheless striking.  If half of female-headed households are living in liquid asset poverty – meaning they don’t have the savings to cover three months of basic expenses, let alone the savings to plan for the future – then we have a lot of work to do.

I encourage you to dig deep into the data.  Find out how it speaks to you.

Lauren Stillwell is a program officer at Washington Area Women’s Foundation.

[i] Washington Area Women’s Foundation’s geographic focus includes the District of Columbia; Montgomery County and Prince George’s Counties in Maryland; Arlington and Fairfax Counties, and the city of Alexandria, in Virginia.  Based on available scorecard information, this post broadly discusses state-level information for Maryland and Virginia. There was insufficient data available in many cases for the District.