Financial Advancement Summit in Evanston Discusses Economic Empowerment Strategies

North Shore United Way, Northwest Suburban United Way and United Way of Metropolitan Chicago are proud to partner with the City of Evanston in the upcoming Financial Advancement Summit on Wednesday, May 16. The summit will bring together financial institutions, non-profits, government representatives and private citiznes to focus on solutions for Evanston residents who are “underbanked” and discuss next steps for economic empowerment work in the community. Alderman Peter Braithwaite and Jane Grover will open and close the event. Other keynote speakers include: – Dr. Robert Mayer, Loyola University, – Annette Charles, United Way of Metropolitan Chicago – Lucy Mullany, The Illinois Asset Building Group Each speaker sessions will be followed by discussion to identify solutions to important financial issues facing our community. The Financial Advancement Summit is FREE and open to the general public. For event and RSVP details, click here. Solutions to these financial issues are crucial to providing opportunities for families in Evanston — but the issues can also be confusing and complicated. What does it mean to be “underbanked”? People (or businesses) who are underbanked have poor access to mainstream financial services. Obstacles towards banking include geography, financial literacy (understanding), language and other socioeconomic conditions that make it difficult to participate. Many families who are underbanked must use alternative financial services (including cheque cashers which charge individuals to cash their paycheck). Why is being “banked” important? In addition to fortifying the financial stability of your family, banking will become increasingly important due to recent decisions by the US Department of the Treasure. The U.S. Treasury is requiring all citizens receiving Federal Benefit checks to switch from paper checks to electronic payments by March 1, 2013. Citizens can receive their money through direct deposit to a bank or credit union (or opt to receive a Direct Express Debit MasterCard). In either case, understanding the issues around banking is key to receiving your benefits in a way that fits your life. Find out more information about this issue. United Way is committed to promoting and investing in financial stability programs and strengthening communities through income initiatives. Financial stability is a key building block of good life and strong families. LIVE UNITED 2020, United Way’s 10-year vision to transform communities of greatest need, focuses on health, education and income. This Summit allows industry leaders, nonprofits, government representatives and private citizens to consider the next steps in local banking in Chicagoland.

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