Program Spotlight: Financial Capabilities
Program Spotlight: Financial Capabilities
BSP property service worker-parents and their children visiting the UCLA campus
Maria, an immigrant in her fifties, is a janitorial worker in Downtown Los Angeles, who immigrated from Mexico over 20 years ago and is a single-mom of two. She first became involved with Building Skills Partnership to engage in the Parent University programs, where frontline worker-parents receive information and acquire skills necessary to support their children's academic endeavors and become effective advocates to ensure their children receive an equitable and high-quality public education. As a single mother, Maria appreciates these free programs that help further her goal of creating a better life for her children in the US.
While participating in these free classes made possible through Building Skills Partnership (BSP) and its partners, Maria became aware of additional resources that were available to her through BSP’s comprehensive model that is focused on improving the quality of life of property service workers in low-wage industries and their families through multiple interventions that increase access to education, leadership and career advancement.
Due to the lingering impact of the COVID-19 pandemic, Maria had a reduction of hours from her janitorial job at the start of 2020, making it difficult for her to pay her bills and make ends meet for her family. Fortunately, Maria had a good relationship with BSP’s program coordinator, and found out about the organization’s Financial Capabilities program.
The average annual salary of property service workers is $34,000, forcing many to hold multiple jobs. As a result, 70% of BSP participants experience income volatility and suffer from high stress levels. BSP’s Financial Capabilities programs empower immigrant families to create positive financial habits, access the financial mainstream, and achieve financial security. BSP's Financial Coaches provide individualized financial support and services to help participants improve their credit, save money towards owning a home, and save for retirement.
BSP helped Maria establish SMART (Specific, Measurable, Achievable, Realistic, and Timely) goals to help her focus on paying her essential bills while creating a budget to identify unnecessary expenses. BSP’s financial team employs this effective approach to help set goals with participants that are feasible and not too overwhelming, especially in a time of financial hardship.
To increase her budget, BSP’s Financial Coach assisted Maria in accessing local food banks, applying for utility bill discounts, and applying for rental assistance. Though she suffered a reduction in pay, she was able to live and support her family during a dire timeframe.
By the end of 2021, Maria’s work location opened up again, and she started to work 30 hours a week and also increased her monthly budget once again. She is currently utilizing the financial skills learned through BSP programs to save more. Maria is grateful to BSP, saying “thank you so much for supporting me during these difficult times.”
Through the generosity of the Siemer Institute through United Way of Greater Los Angeles, BSP’s Financial Capabilities programs are made possible. BSP is grateful to these incredible organizations for their support, impacting the lives of workers in low-wage industries, such as Maria.