The Fed works to achieve its dual mandate from Congress – stable prices and maximum employment to foster a healthy economy. An individual’s participation in the workforce is directly impacted by their ability to weather shocks, such as a health crisis or car repair. And their household’s economic health is shaped by their ability to save and invest in the future.

The Boston Fed’s community development function conducted market analysis, scanning over 400 programs in New England and nationally, to better understand trends in services to support families in building economic prosperity. The analysis showed a concentration of programs supporting homeownership, higher education, or entrepreneurship, and highlighted a gap in services that support families to build financial assets (investment or retirement accounts), mitigate debt (affordable credit), or protect existing assets (estate planning, or life insurance). Yet, we know that these three areas are also critical to economic security and prosperity. The structures for supporting down payment assistance, small business finance, or financing for higher education are well established. However, the structures for supporting lower-income workers in building financial assets, mitigating debt, or retaining assets are nascent.

The Solutions Accelerator initiative fosters collaboration amongst organizations working to increase access to financial solutions that could fill these three gaps. The Boston Fed’s community development function works to connect efforts across sectors, share data analysis, and serve as a thought partner for these efforts.