Teach a Man to Fish: Providing Tax Help for Needy Families this Season

This is the time of year when everyone's minds turn to taxes and their finances. But even in the world's wealthiest nation and the greatest city in America, financial security remains a serious problem. Here in New York, one in four people do not have enough money to meet a basic family budget. Making matters worse, many of these families lack even a basic understanding of crucial financial tools and practices that could help alleviate their situations. Fortunately, social services exist to provide immediate help to these families, but in order to break the cycle and establish lasting and systemic change we have to go beneath the surface. Educating low-income New Yorkers and developing financial literacy is the key to creating financial mobility, security, and ensuring these families don't find themselves in the same place next year.

One resource is the Earned Income Tax Credit (EITC), a federal tax credit for people who work, but have low to moderate wages. Many often aren't even aware they qualify for the credit, so there are many programs designed to raise awareness among lower income communities. While it remains an important tool, United Way of NYC is working towards a more long-term, sustainable goal through its program, MoneyUP. This joint initiative with The Financial Clinic takes an innovative approach to helping low-income people get a grip on their finances and save for the future, rather than just offering a short-term solution.

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