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Maryland CASH (Creating Assets, Savings and Hope) Campaign 

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MD Ranks #1 in Policies, 21st in Outcomes

For a second year, Maryland ranks #1 among all states for its adoption of policies aimed at increasing the financial stability of residents. This ranking marks a great achievement that should be celebrated. Over the last few years, Maryland passed laws to:

  • Increase the Maryland Earned Income Tax Credit, providing more money in the pockets of almost 400,000 Marylanders.
  • Require paid tax preparers to be licensed, including competency testing and continuing education.
  • Eliminate asset limits for public benefit programs, which removes barriers for low-income residents to save money.
  • Protect residents from high cost, short-term loans like payday and refund anticipation loans.

Despite some good news, Maryland ranks poorly on several outcome measures critical to family financial security, earning an overall rank of 21 out of 50 states. Almost 35% of all Marylanders do not have sufficient savings readily available to weather a financial storm. It is almost 2.3 times higher for households of color. We can do better.

Check out the full data and read the MD CASH Press Release.

Maryland ranks:

  • 7th in liquid asset poverty (34.8% of households without liquid assets to live at the poverty level for three months)
  • 47th in average credit card debt ($12,311)
  • 40th in borrowers 90+ days overdue on payments (3.95%)
  • 30th in bankruptcy rate (3.8%)
  • 43rd in foreclosures (3.2%)
  • 45th in delinquent mortgage loans (3.1%)

We believe it takes a combination of innovative programs, safe products and effective policies to ensure ALL Marylanders achieve financial security. In 2015 legislative session, we will be supporting legislation that:

  • Ensures all eligible families receive the Maryland EITC
  • Ensures that all paid tax preparers are licensed
  • Ensures banks and credit unions can effectively offer new prize-linked savings products
  • Marylanders continue to be protected from expensive short-term loans
  • Ensures that parents and students can easily understand the true cost of attending college
  • Provides paid leave so parents don’t have to choose between a sick child and a paycheck

Sign up for updates and lend your support today!

 

Presentations from the Economic Inclusion conference are now available

Kartik Athreya, Group Vice President, Federal Reserve Bank of Richmond discussed his recent research on the Earned Income Tax Credit (EITC). The EITC is the nation’s largest income-support program. Senior staff of the FDIC’s Office of Policy & Research presented data from the most recent National Survey of Unbanked and Underbanked Households. In addition, Dave Beck, the Richmond Fed’s Senior Vice President and Regional Executive presented an in-depth look at new financial products being adopted by low-income consumers.

Leading practitioners from around Maryland discussed current efforts and highlight ways to improve the financial strength of low-wealth families and communities moving forward. To view the resources and presentations please click here.

 

MD CASH Partnership is awarded financial wellness grant from the City of Gaithersburg

The City of Gaithersburg is leading the way in local municipal financial wellness initiatives. The City Council recently voted to award $650,000 worth of contracts to various nonprofits to provide needed social services in the city including homeless assistance for singles and families; emergency and food assistance; health and mental health assistance to both the uninsured and underinsured; financial wellness coaching; summer youth employment; and vocational coaching for proficient and non-proficient English speakers. The Maryland CASH Campaign is partnering with  HIP, Family Services Inc. and CAFE (Coalition for the Advancement of Financial Education) Montgomery MD  who will receive $22,030 in grant funds from the City of Gaithersburg  to deliver financial education and coaching services to city of Gaithersburg residents.

 

Maryland CASH is Looking for a Volunteer Coordinator

Maryland CASH Campaign is looking for a Volunteer Maryland coordinator to help coordinate our network of volunteer educators, coaches, and tax preparers. Are you organized and good with people? Consider applying! Learn more: MD CASH VMC Position Description Download and complete this application: VMC Application. Then send it to Emily Ward at emily@jotf.org. DEADLINE: August 1, 2014!

 

CASH Director Gives Interview on MyBudgetCoach Program on WTOP

On June 10th, MD CASH Director Robin McKinney gave an interview to Dimitri Sotis of WTOP about CASH’s new MyBudgetCoach Program. This exciting new program gives people interested in setting a budget and working towards a financial goal with a free financial coach and savvy new software for one year. Learn more, listen here: MDCASH.2014.Radio.WTOP.840pmmckinney

 

Free Webinar “Taxes and Your Business,” May 16th at 3 PM

Maryland CASH is offering a free webinar this week on Friday, May 16th: “Taxes and Your Business.”

Self-employed? Thinking about starting or expanding a business? Don’t forget about recordkeeping and taxes. Paying taxes as a self-employed person can be confusing and expensive. Sign up for this free webinar to learn the basics of estimated tax payments and recordkeeping. If you want to succeed in business, you’ll need a system that works for you. Learn helpful tips from tax pros.

Register here.