How Can We Get Financial Relief To Families When It Counts?

How can we better support individuals and families in critical situations? I explored this topic during a recent webinar sponsored by MassMutual Foundation, Bridging the Gap: Innovative Solutions for Financial Relief. Our discussion featured insights from innovative solution providers NeighborShare and Canary, which provide financial relief to individuals facing unexpected financial shocks. It was a far-ranging conversation that underscored the importance of building community, working with innovative partners, and finding ways for people to help other people. 

Addressing the Impact of Financial Shocks: Community-Driven Solutions for Crisis Relief

Even small emergencies can lead to larger crises, particularly for those living paycheck to paycheck. Both NeighborShare and Canary focus on community-driven solutions that enable individuals and organizations to support one another during tough times. NeighborShare connects donors with those in need through local nonprofit partners, while Canary establishes charitable relief funds within workplaces to assist employees facing crises.

The Power of Collaboration

Many individuals who receive financial assistance feel compelled to pay it forward, contributing back to their communities in myriad ways. Similarly, organizations have a role to play in working together to provide quick and effective relief. NeighborShare and Canary discussed the importance of collaboration among various stakeholders to create a more robust financial health ecosystem, emphasizing that solutions should be accessible, low-barrier, and tailored to the unique needs of individuals. In short, financial health is a team sport!

Partnerships in Supporting Financial Health

As the conversation wrapped, the panelists expressed their commitment to expanding their reach and impact, including plans to enhance partnerships and explore new avenues for support. Their work, and the work of many other financial health providers, underscores the necessity of addressing financial health through a multifaceted approach – one that combines grants,  community support, and access to affordable non-predatory credit products. We are all in this together, and building our ecosystem is paramount to improve financial health for all – especially the most vulnerable among us. 

Thank you to Canary’s Rachel Schneider and NeighborShare’s Kelli Kreps for their valuable contributions to this vital conversation sponsored by the MassMutual Foundation. If you missed the event, I encourage you to watch the full recording here.