Leveraging Financial Empowerment to Support Employee-Owned Businesses: Lessons and Tools for Cooperative Developers
DCA’s Office of Financial Empowerment and Make the Road New York, with support from Citi Community Development, partnered with The ICA Group and Dr. Joyce Moy of the City University of New York to explore how employee ownership models can best support worker-owners to improve their financial health and build assets. The report and tools featured are meant to support cooperative developers, employee-owners, and managers in employee-owned businesses in implementing financial empowerment programs inside their workplaces.
Improving Access to Affordable Housing Opportunities
Department of Housing Preservation and Development (HPD) and Department of Consumer Affairs (DCA) released a study on Improving Access to Affordable Housing Opportunities, that explores the experience of affordable housing applicants and recommends ways to further support applicants through an outreach and education strategy that incorporates financial empowerment services. Based on the initial findings of the study, the agencies also released a new guide, Ready, Set, Apply: Getting Ready for Affordable Housing in NYC, available in English and Spanish, to help New Yorkers best prepare for and navigate the housing application process.
Ventanilla de Asesoría Financiera: Program Insights for the Field
DCA, Consulate General of Mexico, and Citi released a report on the first year of the Ventanilla de Asesoría Financiera (Financial Empowerment Window), outlining the program's origin, design, implementation, successes, challenges, and lessons learned.
Download report in English or Español (Spanish)
Read press release celebrating the second anniversary of the Ventanilla
A Study of Gender Pricing in New York City
DCA conducted its first-ever study of the gender pricing of goods in New York City across multiple industries. The industries studied for this report include: toys and accessories, children’s clothing, adult clothing, personal care products, and home health care products for seniors. This study reflects an average consumer lifecycle, from baby to senior products, providing a glimpse into the experiences of consumers of all ages.
Share your #GenderPricing examples with us on Twitter
DCA Releases First Municipal Study on Mobile Technology & Money Management
In partnership with the Cities for Financial Empowerment Fund (CFE Fund) and with the support of Capital One and MetLife Foundation, the DCA Office of Financial Empowerment commissioned RTI International to conduct this study to analyze the needs, barriers, and opportunities to increase financial inclusion through mobile financial services use. Findings show that New York City is a unique marketplace for mobile banking and money management innovation.
Read New York City Mobile Services Study
View interactive tool depicting data
View infographic highlighting key findings
Interested in exploring mobile financial services for your city? Download toolkit
Share your #MobileBanking experience with us on Twitter
New Yorkers' Use of Banks and Their Perception of Financial Security
To better understand New Yorkers’ use of banks and sense of financial health and develop more effective future programming and products, DCA’s Office of Financial Empowerment (OFE) commissioned the Urban Institute to prepare studies and develop an accompanying interactive map depicting the data. The research shows 1.14 million households in NYC are unbanked or underbanked; and more than half of New Yorkers don't have adequate savings for an emergency.
Read Where Are the Unbanked and Underbanked in New York City?
Read How Do New Yorkers Perceive Their Financial Security?
View interactive map
NYC's Paid Sick Leave Law: First Year Milestones
New York City’s Earned Sick Time Act (Paid Sick Leave Law) created the legal right to sick leave for 3.4 million private and nonprofit sector workers. For one third of those workers—nearly 1.2 million—the Paid Sick Leave Law (PSL) marked the first time they had access to this vital workplace benefit. This report commemorates the anniversary of the implementation of PSL on April 1, 2014 and focuses on first year milestones.
Building Financial Counseling into Social Service Delivery: Research and Implementation Findings for Social Service Programs
This report details the work of our Capacity Building Initiative, supported by the Citi Foundation, which funded five nonprofit organizations to provide financial counseling to their clients - who included formerly incarcerated adults, foster care youth, young adult interns, young fathers, and workforce development clients. Initial findings indicate that individuals in workforce development programs who received financial counseling achieved better outcomes than comparison group clients who did not receive financial counseling.
Virtual VITA: Expanding Free Tax Preparation
The research brief details New York City's experience integrating Virtual Volunteer Income Tax Assistance (VITA) at two NYC Head Start programs in 2013. The Virtual VITA model uses technology to connect a filer with an off-site VITA tax preparer and has enormous potential to expand free tax preparation services at incredibly low cost.
NYC Department of Consumer Affairs Office of Financial Empowerment: Progress Report, 2010-2013
Covering the years 2010 through 2013, OFE's progress report details our work - both locally and nationally through replication efforts - developing, implementing, testing, and integrating programs and products in four critical areas: Financial counseling and education; Access to banking; Asset building; Consumer protection.
Municipal Financial Empowerment: A Supervitamin for Public Programs
The report series builds the case that fully integrating financial empowerment and asset building strategies into public programs will lead to more effective service delivery, improving outcomes while potentially saving money.
Immigrant Financial Services Study
Released November 2013, the Study is one of the first field research initiatives in New York City to look specifically at the financial needs and practices of recent immigrants. The full report is a comprehensive overview of the data, analysis, and key findings.
Download full report
Download Research Brief in:
New York City Financial Empowerment Conference: Showcasing Partner Innovations in the Field
Prepared for the October 2013 NYC Financial Empowerment Conference, the compendium includes papers from over 20 partner organizations detailing the innovative ways they are helping to financially empower New Yorkers.
Download the compendium
SaveUSA is a tax time matched savings program designed to encourage short-term savings among tax filers with low to moderate incomes. This brief documents Year 1 of the national replication of the program in 2011, with a focus on key implementation lessons for policymakers, advocates, and funders to highlight tax time savings in their work and provide a framework for further replication.
Download the brief
Citywide Financial Services Study
The Study quantified for the first time the number of unbanked adults in New York City (825,000).
NYC Department of Consumer Affairs Office of Financial Empowerment: Progress Report on the First Three Years, 2006-2009
The report describes the multitude of financial empowerment innovations, strategies, and approaches OFE has implemented thus far—and the national implications for its work, which include building the new field of municipal financial empowerment and founding the Cities for Financial Empowerment (CFE) Coalition.
$aveNYC Account Innovation in Asset Building: Research Brief and Update
The $aveNYC Account program is a special savings account to help low income New Yorkers make the most of their tax refund by building savings through a privately funded City matching program. DCA's research explores key asset-building questions.
Neighborhood Financial Services Study
The Study examines residents' attitudes and behaviors related to basic banking services, savings, and credit, and the role of financial education in two New York City neighborhoods: Jamaica, Queens and Melrose, Bronx. The purpose of the study is to understand better the banking dynamics in low-income neighborhoods to identify public and private opportunities for long-term, high-impact financial empowerment initiatives.