Program areas at Increasing Hope
Financial education: americans demonstrate relatively low levels of financial literacy and have difficulty applying financial decision-making skills to real life situations. Study participants were asked five questions covering aspects of economics and finance encountered in everyday life. In south carolina, 65% are unable to answer more than three of the five questions correctly. Also, most americans do not comparison shop for credit cards, with 54% saying that in obtaining their most recent credit card they did not collect and compare information about cards from more than one company. Individuals need at least a fundamental level of financial understanding. This knowledge, paired with financial decision-making skills, can best ensure an individual's financial capability. In 2021, despite covid-19, Increasing Hope pivoted to online training and provided training for 174 individuals helping to increase knowledge and skills of families in the area of personal finance. This training included educating small business owners on the paycheck protection plan as well as eidl loans.
Free tax preparation: the volunteer income tax assistance (vita) grant program is an irsinitiative designed to support free tax preparation service for theunderserved through various partner organizations. This servicehelps low- to moderate-income individuals, persons with disabilities,the elderly, and limited english speakers file their taxes each year.in 2021, with the help of several faithful volunteers, Increasing h.o.p.e.prepared the tax returns of 529 individuals and families,resulting in a community impact of $741,061.00 in tax refund dollars. Not included in that impact is the unrealized savings for these folks who otherwise would have sought to have them prepared for a fee. That in and of itself resulted in over $200,000 being returned to those tax payers and the community based on the average of over $300 being charged just to do a simple return.
Housing counseling: a home is an asset that allows stability, fosters long-term thinking, and builds both financial equity and commitment to a neighborhood. Homeownership is also the primary means through which most americans build wealth. While not a measure of home equity, the rate of homeownership provides an indication of how many families in a state have the opportunity to build wealth in the form of home equity. South carolina has a homeownership rate of 69.3% with the tri-county area being just above the state average in all three counties as indicated. Charleston 65% berkeley: 70% and dorchester: 71.1% Increasing Hope provided housing counseling to more than 50 individuals creating 5 new homeowners and 2 homes saved from foreclosure.