Faith, Stewardship, and Wealth Creation: Envisioning a Role for Churches in Asset Building Initiatives
In the past 25 years, families that are the most economically secure have prospered greatly while the poorest families have struggled. This means that most families have a place to live and meet their basic necessities, but have little to show for years of work and won't have enough to support themselves adequately in retirement. This reality is even starker when we consider race and ethnicity.
Given that churches and places of worship have regular interaction with much of the population and are often the most trusted institutions in local communities, they are in a unique positon to reverse these trends and actively influence wealth creation. This presentation describes three ways that churches can help improve the financial capability and status of members and help create shared prosperity: a) financial education providing workshops and support for congregants and the local community to help them reach financial goals and reduce debt; b) entrepreneurship which can entail offering training, promotion and support for individual businesses as well as the creation of cooperative and church-affiliated businesses; c) sponsoring or promoting Individual Development Accounts and other asset building efforts.
As a result of this training, participants will be able to:
1. Describe the amount of wealth held by a typical household in the United States as well as current disparities that exist.
2. Articulate biblical principles for stewardship and financial management.
3. Outline three ways that churches can help improve the financial capability of members and those in their local community.
11:30 am: Overview of household wealth statistics for the United States
Amount held by top 1% and 10% vs. bottom 90%
Disparities by race and gender
Percentage with zero or negative net worth or insufficient savings to deal with a minor emergency
11:45 am: Biblical Principles for Stewardship and Financial Management
Myths people hold
Tithing
Parable of the talents
12:00 noon: Asset Building
Focus on wealth and growth in things of value (versus income and comsumption)
Examples of institutional frames and programming
12:20 pm: Contribution of faith communities to help improve the financial capability of its members and the community
Financial training to support congregants and community in reaching financial goals and reducing debt
Entrepreneurship and cooperative businesses
Sponsoring Individual Development Accounts or Child Development Accounts or other asset building efforts
12:40 pm: Closing and questions
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Williams Shanks, T. R., Boddie, S.C., & Rice, S. (2010). Family-Centered, Community-based Asset Building: A Strategic Use of Individual Development Accounts. Journal of Community Practice, 18(1), p. 94-117. (Selected for the 2010 Marie Weil Award Best Article for the year).
Williams Shanks, T.R. Boddie, S., & Wynn, R. (2015). "Wealth Building in Communities of Color." In Ralph Bangs and Larry E. Davis (Editors). Race and Social Problems: Restructuring Inequality. Springer: New York p.63-78.
Trina Shanks is Associate Professor at the University of Michigan School of Social Work. She has a Ph.D. in Social Work from Washington University and a Masters in Comparative Social Research from the University of Oxford as a Rhodes Scholar. Her research interests include the relationship between assets, poverty and child well-being; public policy; and community and economic development.