United Way, Stackwell Partner to Launch RISE Investment Program Aimed at Building Thriving Communities
NEW ORLEANS, Sept. 19, 2024 /PRNewswire/ -- United Way of Southeast Louisiana (UWSELA) and Stackwell, an innovative fintech platform dedicated to closing the racial wealth gap by increasing the financial wellness and ownership of financial assets by diverse Americans, Thursday announced the launch of a multi-year strategic partnership, the RISE (Reaching Investment Success for Everyone) Investment Program, granting $25,000 in seed investment funding to the heads of ALICE households participating in UWSELA's financial capability programming.
The pilot program will distribute $2,500 in seed investment grants to each program participant's investment account on the Stackwell platform and will provide access to financial wellness education and other resources to help increase their investing confidence and financial wellness.
"This groundbreaking partnership is about creating more equitable opportunities for ALICE families," said Michael Williamson, UWSELA President and CEO. "We recognize it's time to put control back in the hands of the people and create lasting wealth in Southeast Louisiana. The RISE Investment Program will do just that."
ALICE (Asset Limited, Income Constrained, Employed) households are those that earn above the federal poverty level but still cannot afford the basic cost of living in their parish. In 2022, of the 1,799,695 households in Louisiana, ~51% were living below the ALICE Threshold of Financial Survival, the minimum income a household needs to earn to afford basic needs like housing, child care, food, transportation and health care. This ranked Louisiana 49th among all states in the rate of financial hardship.
The RISE Investment Program is designed to specifically address the ongoing challenges experienced by ALICE households in the Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa and Washington parishes of Louisiana. Participants will be recruited from UWSELA's Moving Families Forward program, made possible by the Siemer Institute and other donors.
The cost of the pilot will be covered by UWSELA and its MacKenzie Scott funds. The partners are seeking additional fiscal sponsors to continue the project into 2026 and beyond.
"We are proud to partner with United Way of Southeast Louisiana to reduce barriers to entry to make investing a more positive, empowering and accessible experience for ALICE households," said Trevor Rozier-Byrd, Founder and CEO of Stackwell. "By providing seed funding alongside financial wellness education through the RISE Investment Program, we can help more ALICE families move from surviving to thriving and establish a foundation for financial stability and generational wealth building through investment in the financial markets. We know that when ALICE families thrive, our communities as a whole become stronger and more prosperous for all."
The number of ALICE households in Louisiana has been steadily growing. Between 2010 and 2022, the total number of households in the state increased by ~7%, while the number of ALICE households increased by ~20%. In a material way, the ongoing financial hardships experienced by households in Louisiana continue to be shaped by the conflicting economic forces of the Pandemic: inflation, wage growth, and the expansion and expiration of pandemic public assistance.
This consistent trend—a growing number of households struggling financially, often ineligible for public assistance—represents a major vulnerability in our economic system. It also suggests that overall social and economic policies are failing to address the root causes of financial instability. The RISE Investment Program seeks to stem this tide by introducing a proven intervention that centers ownership of financial assets as a key catalyst to closing the income and wealth gaps that plague Louisiana communities.
UWSELA and Stackwell are now accepting applications from Moving Family Forward participants. The RISE Investment Program is expected to commence in October 2024.
To learn more about UWSELA's full suite of financial capability programs, visit UnitedWaySELA.org/ProsperityCenter.
About United Way of Southeast Louisiana
For 100 years, United Way of Southeast Louisiana (UWSELA) has been a leader and trusted partner in improving lives and making a lasting difference. We fight to eradicate poverty by preparing people for quality jobs, growing incomes, and affording better health and education opportunities throughout Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa, and Washington parishes. We have a bold vision of equitable communities where all individuals are healthy, educated, and financially stable – and we have a plan. United Way of Southeast Louisiana's Blueprint for Prosperity guides all strategic investments in programs, initiatives, collaborations, volunteerism, and advocacy aimed at tackling poverty. For more information, please visit UnitedWaySELA.org. Find us on social: @UnitedWaySELA.
About Stackwell Capital, Inc.
Stackwell is an innovative fintech platform dedicated to closing the racial wealth gap by increasing the financial wellness and ownership of financial assets by diverse Americans. Stackwell's platform provides automated portfolio construction, financial wellness education to increase investor knowledge and confidence, and a science-based engagement model to drive behavioral change and financial goals realization. Through its vast partnership network, Stackwell enables diverse Americans to access tools to build lasting wealth, equity and opportunity through investment returns. To learn more about Stackwell, visit www.stackwellcapital.com.
Media Contacts
Stackwell Capital
Natalie Cantave
Director of Marketing
[email protected]
United Way of Southeast Louisiana
Kirby Nagle
Senior Director, Communications / Public Information Officer
[email protected]
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