Family Financial Empowerment
Strategies for Family Financial Empowerment
Members of the Ho`owaiwai Network work to help families Earn It, Keep It, Grow It, Share It by increasing their opportunity to earn income, managing and stabilizing their financial lives, and investing in individual, family, and community assets. The Network helps to coordinate and link these financial empowerment strategies to asset building, benefits, and other services for families across Hawai‘i.
The following are examples of the Network’s work in this area:
Community Family Financial Empowerment Days
Members of the Ho`owaiwai Network collaborate to offer free services and information at Family Financial Empowerment Days within the communities. Families are offered a range of financial education services and information, free tax preparation, tips on how to save money and manage a budget, prevention counseling, assistance with FAFSA application, information on starting a business, and much more. These free services and information help working adults and families within communities to learn, build, and protect their financial wealth and assets.
Financial Empowerment Hubs
Various organizational members of the Network integrate asset building into their organizations and work to connect families to a range of services and benefits so that they can better build assets. These hubs are resource centers for financial education services and programs, as well as other services such as business/microenterprise startup, resume and interview skills, match-saving programs, assistance with post-secondary education scholarships and assistance, and much more.
Statewide Network of Volunteer Income Tax Assistance
A statewide network of organizational partners help to provide free tax assistance services to low-to-moderate income workers and their families every year. The free tax assistance program, titled Volunteer Income Tax Assistance (VITA), helps individuals and families to claim the Earned Income Tax Credit (EITC), child tax credit, and other valuable tax credits that help families pay off debt, save, and build assets. Approximately $40 million dollars of EITC monies are missed by Hawai‘i families every year, because they do not file for the EITC.