Southern has a long-standing commitment to provide opportunities for economic stability and mobility for people and communities in rural Arkansas and Mississippi, and to complement our asset-building services, Southern promotes public policy efforts in both states and nationally. To gain a better understanding of the landscape of Mississippi policy organizations, Southern commissioned a study to research organizations working to improve the quality of life for individuals and families throughout the state.
“Family Economic Security in Mississippi: A Policy Scan of Organizations Working to Create Economic Opportunity and Strengthen Financial Security,” profiles 43 Mississippi organizations whose combined efforts represent direct service and public policy work across every county in the state. These organizations are working to improve financial inclusion, asset building, access to public benefits, tax policy, access to child care, and educational attainment, all of which impact a household’s finances. The policy scan is based on a survey that was developed to identify activities, successes, challenges and future plans around different policy areas pertaining to family economic security. As shown in the study’s executive summary, several themes emerged in the survey results:
- Many passionate and committed individuals and organizations are maximizing limited resources to strengthen family economic security in Mississippi. Many of the organizations profiled in the policy scan have less than a decade of experience working in their respective policy and program areas, suggesting an increased awareness of the need for programs and advocacy around family economic security. At the same time, many survey respondents expressed the sense that they lack the capacity to address all of the need that they perceive in their communities, and attributed this at least in part to funding constraints.
- Developing trust in traditional financial institutions is the most serious challenge for organizations working to build wealth for low-income families. The most popular areas of focus for respondents were asset building and financial literacy (33 organizations), tax policy – primarily free tax preparation – (26 organizations), and financial inclusion (26 organizations). The most significant challenge facing organizations working in these areas is the ability to develop trust with low-income clients, who are more likely to be unbanked and may tend to be more familiar with seeking assistance from predatory lenders located in their neighborhoods.
- Isolation, friction over turf, and competing policy agendas are considerations for organizations working to advance family economic security. Both overwhelming need and extensive demand for services may have led to the sense of isolation expressed by some respondents, particularly direct service providers. Another common thread was friction among organizations offering similar products and services, as well competition over limited funding streams.
- The economic downturn has created additional obstacles to asset building. Mississippi is among the poorest states in the nation, and the recession has amplified this reality. In addition to complicating the ability to save for low and moderate-income families, the recession may also have increased demand for predatory loans.
- Working in coalition has been a successful strategy for organizations involved in legislative advocacy, and holds promise for additional grassroots efforts. The current political climate in Mississippi is inhospitable to new or additional government spending. To maximize their clout in this environment, many organizations have joined forces to advocate in coalition.
These key findings will be presented tomorrow by SBCP at an event hosted by the Federal Reserve Bank of St. Louis, entitled, “The Policy Landscape of Mississippi: Promoting Change to Create Opportunities.” Along with the Federal Reserve and SBCP, representatives from the Mississippi Center for Justice and Mississippi Economic Policy Center will also be discussing their work promoting policy change and creating opportunities for individuals and families within the state.
To learn more about our efforts to improve the economic security of rural communities and the people who live there, we invite you to contact Meredith Covington, Policy & Communications Manager, at meredith.covington@southernpartners.org.