A journey of a thousand miles begins with a single step.
For a long time, Charlotte has viewed generational poverty as a problem too large to address.
It’s time to change.
It’s been easy to push it aside. When someone has been brave enough to address it, they are too often greeted by, “here comes the next organization with its solution for generational poverty.”
So does that mean don’t try? We don’t think so. Lao Tzu said it best, and provides the basis for Common Wealth Charlotte’s starting Generation2080:
A journey of a thousand miles begins with a single step.
Charlotte cannot continue to hide from this problem, to kick the can down the road for our children and our children’s children to solve. We can make an effort to provide that single step. That is Generation2080.
Generational poverty requires immediate action, and a generational perspective.
Here are a few thoughts about Americans’ approach to saving, investing, and building wealth.
We do not save.
Almost 50% of Americans have not set aside money to cover expenses for three months. More than half (53%) of those surveyed reported that just thinking about their finances makes them feel anxious.
We do not plan for retirement.
Most Americans have not planned for retirement. 54% have not tried to determine what they need to save for retirement, and only 58% of Americans have a retirement account at all.
We do not educate ourselves.
Nearly half of Americans (49%) who have received more than 10 hours of financial education report spending less than they earn, compared with 36% of those people who received less than 10 hours of financial education.
Median Retirement Savings
According to the 2016 EPI Analysis of Survey of Consumer FInance, Americans are behind on retirement savings. The chart at the right shows the median retirement account balances of families by age. $21,000 median savings for people nearing retirement.
To have $1,000 a month to supplement any Social Security he or she might receive, a person 65 years old would need retirement savings of at least $300,000.
It cannot change dramatically for the person retiring in 5 years. But it can be a reality for someone with a long view.
In 60 years, things can be different.
Who starts an initiative with a 60-year window of evaluation? No one. “It’s too long.” “Funders will not support it.” We’ve heard it all. But, the fact is generational poverty cannot turn to generational wealth overnight. It requires starting, continuing and persevering—always keeping the goal at the heart of the effort. The goal is simple: to set a course toward financial freedom for 24 families a year.
And to take the long view, and not be afraid of what it will take to get there.
Will you join us?
Our Partners
Generation2080 would not be possible without the generous participation of these key partners.
