BP Adams and Restoration Announce New, Free Matching Program to Help Residents Build a Financial Savings

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The #BrooklynSaves Campaign aims to help 1,000 Brooklynnites build emergency savings and begin to close the Racial Wealth Gap
by Brooklyn Reader

On Wednesday, Bedford-Stuyvesant Restoration Corporation, in partnership with Brooklyn Borough President Eric Adams kicked kicked off #BrooklynSaves, a borough-wide, free initiative to help residents in the borough begin a savings plan and increase their net worth.

The campaign is a savings-matching program for individuals and their families, part of Restoration’s commitment to closing the racial wealth gap in Central Brooklyn and beyond.

According to a 2016 Pew Research study, the median wealth of white households was $171,000– ten times the wealth of Black households, which is $17,100. Right now approximately 30 percent of African-American families have zero or negative net worth. And the number is projected to grow over the next 50 years to 50 percent.

We have decided to focus on net worth, because net worth is the best measure of family well-being, not income,” said Colvin Grannum, president of Bedford-Stuyvesant Restoration Corporation.

“Even modest amounts of net worth are highly correlated with the significant areas of well being, such as educational attainment, employment stability, housing stability, physical health and mental health.”

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