Lynnette Khalfani-Cox, The Money Coach and The United Way of Passaic County come together to kick off Passaic County’s Financial Empowerment Zone (FEZ).
United Way of Passaic County’s Financial Empowerment Zone (FEZ) helps individuals and families attain and preserve assets, become more financially stable, and achieve long-term economic independence.
Services: FEZ provide free tax preparation services, case management help with enrollment in income supports and financial literacy workshops to increase the financial stability among lower-income working families in Passaic County.
FEZ is working to reach unbanked households in Paterson and the surrounding communities as many of our residents use alternative financial service providers (AFSPs) – check cashing outlets, payday lenders, pawnshops, money transmitters etc – to conduct some of their financial transactions. Families cannot achieve financial stability unless they have enough income to pay for today’s necessities and save for the future. Prolonged poverty leads to health concerns, to disruptions in housing, and family problems.
Goal: Increase the number of families who are able to meet their basic needs and increase their financial stability.
WHY A FINANCIAL EMPOWERMENT ZONE?
Stagnany incomes, increases in the cost of living and high levels of unemployment have increase the financial instability of thousands of residents in Passaic County. With 83,000 people living below the Federal poverty level, Passaic County, ranks first in New Jersey in both numbers and percentages (17.2%) of households living in poverty. Over a quarter of all children in our county live below the poverty threshold.
An additional 30% do not earn enough to be considered self-sufficient – in all, almost half of Passaic County households are struggling. New Jersey and Federal budget cuts have decreased funding for health and human service programs that have traditionally provided a safety net for our Passaic County neighbors in these hard times.
The first 25 people to sign-up and attend will receive a free autographed copy of Lynette’s book – Zero Debt: The Ultimate Guide to Financial Freedom.
To learn more about the Financial Empowerment Zone,