The following state and local policy and practice recommendations are informed by the nearly 1,000 women and men who participated in community conversations hosted by Californians for Prosperity. Californians reflecting our state’s great diversity expressed their concerns with and ideas for creating financial security for themselves and their families. These recommendations are rooted in the strategic alignment of each of the partner organizations and can provide millions of California's working and low-income families access to quality financial products and services and access to higher education - both keys to long-term financial security and prosperity.

 

 

ENCOURAGE SAVING & PROMOTE SELF-SUFFICIENCY

Eliminate the asset test (or reform them by raising allowable totals and indexing them to inflation) for the CalWORKs program, so that California families have the support and the incentives to regain their financial independence and stability.

 

IMPROVE ACCESS TO SAFE AND AFFORDABLE SAVINGS PRODUCTS

Work with financial institutions to increase savings by improving access to a combination of low-cost products, incentives, and savings rewards games. The products, at a minimum, must have low opening and minimum monthly account balance requirements and no monthly account fees. Where appropriate, explore the possibility of expanding access to tools that build financial capability.

 

INVEST IN PROGRAMS & PRODUCTS THAT HELP PEOPLE SAVE & BUILD FINANCIAL SECURITY

Encourage public and private investment in goal based savings accounts and programs that provide resources (ie. match funding, prizes, and financial education) that are proven to help low-income families build savings, and that promotes long-term financial wellness and excludes these programs and products from public benefit asset tests.

 

INCREASE ACCESS TO HIGHER EDUCATION BY PROVIDING TOOLS & RESOURCES TO MAKE COLLEGE AND/VOCATIONAL TRAINING MORE AFFORDABLE

Increase access to vital tools, resources, and investment opportunities that help make college more affordable. Where appropriate, increase public and private resources to help more low-income families save for college and vocational training.

 

IMPROVE TRANSFER, GRADUATION AND COMPLETION RATES AT COMMUNITY COLLEGES

Ensure that SB 1456, the Community colleges: Seymour-Campbell Student Success Act of 2012 is properly implemented by making sure low-and moderate-income students are able to utilize financial assistance and supportive services that are specified in the legislation.