Opening Mobility Pathways by Closing the Financial Services Gap

The US Partnership on Mobility from Poverty, funded by the Bill & Melinda Gates Foundation and staffed by the Urban Institute, has published Opening Mobility Pathways by Closing the Financial Services Gap, a paper co-authored by HOPE. Over the past two years, the Partnership traveled across the country, including a visit to the Mississippi Delta and to East Palo Alto to better understand what it would take to dramatically increase mobility from poverty. 

We know that access to affordable, responsibly-structured financial tools is vital to upward mobility.  But far too many families lack access to products and services that enable them to save, buy a home, plan for the future, and weather setbacks.

One of the solutions we offer in our paper is increased collaboration among financial institutions, government, foundations, and CDFIs to expand access to financial tools in distressed areas. We also propose creating a universal basic account, an account that is simple, transparent, and does not charge overdraft or other hidden fees.

These ideas are part of the Partnership’s place-conscious focus on transforming communities and the institutions that serve them, removing barriers that limit where people can live and learn, and encouraging more economically diverse neighborhoods.

Please join HOPE for a webinar on Thursday, March 15 at noon EST, when the authors will discuss the ideas in the paper. You can register here. For more ideas to boost mobility from poverty, sign up for the Partnership’s newsletter, the Partnership Post.

We look forward to your reactions to the paper, and urge you to share this information with others who value opportunity for all.