Financial Health In Newark: City Releases ‘Empowerment Blueprint’ For Residents

NEWARK, NJ — “Prosperity is being able to pay all your living expenses, save money, have money for recreational activities, and give to charity without being stressed about it.” That’s what one Newark resident had to say about wealth as part of a recently released “financial empowerment blueprint” in New Jersey’s largest city.

Last week, Newark officials released a Financial Well-Being Continuum, which outlines a plan to help residents “stabilize, secure and sustain” their financial health. View the full document online here.

The plan includes three parts, according to a news release from the mayor’s office:

• Stabilize – “Focuses on residents’ financial health by increasing their earnings and income to cover essential living expenses and improving their access to financial institutions, education, and services.”
• Secure – “Focuses on residents’ financial resilience by expanding their access to programs, resources, and services to increase their savings and net worth.”
• Sustain – “Focuses on residents’ financial longevity by increasing their access, knowledge, and usage of wealth-building and estate-planning tools and building on residents’ power to accumulate and transfer wealth.”

Newark created the blueprint as a member of the Cities for Financial Empowerment Fund’s CityStart initiative, which works closely with local leaders to help families and communities get on the pathway to better financial futures.

“Because of centuries-old systemic handicaps, so many residents and families in Newark would benefit from a jump start toward financial health,” Mayor Ras Baraka said.

“This empowerment program provides just that, with a multi-structured development framework in keeping with Newark’s citywide collaborative strength,” Baraka added. “Together, as a community, we will bring economic wellbeing into our homes, raise up our families and establish generational wealth.”

A series of public meetings will be held in collaboration with Newark People’s Assembly with financial coaches on site to familiarize residents with the city’s blueprint, officials said.

To access the full Newark Financial Well-Being Continuum, follow this link.

Send local news tips and correction requests to eric.kiefer@patch.com. Learn more about advertising on Patch here. Find out how to post announcements or events to your local Patch site.