United Way of San Diego County joined an effort to increase financial security for low- and middle-income California families with the launch of the SparkPoint Initiative in December.
The effort provides financial coaches, workshops and resources to individuals and families in Escondido and Southeast San Diego.
Participants have access to a financial coach who can help them set goals like increasing their income, decreasing debt, improving credit scores and growing savings.
The United Way said in a press release they chose to offer the program in Escondido and Southeast San Diego because these regions have “historically been under-resourced.”
In 2023, the agency released a report, “How Much it Costs to Struggle: The Real Cost Measure in California” that examined financial insecurity. Researchers found that the income required to meet basic needs in San Diego County is significantly higher than what the average household makes in a year.
According to the report, over one-third of all county households fall below what the study defined as the “Real Cost Measure” despite 97% of households having at least one working adult.
The report’s measure is based on the official poverty metric, which primarily accounts for the cost of food, but adds in the costs of housing, health care, child care, transportation and other basic needs.
For a single adult living in San Diego County, the minimum annual cost of living is nearly $25,000 over the federal poverty line, according to the report.
“It’s vital to equip our community with the skills to manage their money effectively, not only to address current concerns but also to pass on generational knowledge and habits to their children,” said Jessica Elliott-Pomerenke, manager of social services at Interfaith Community Services.
The SparkPoint Initiative also includes workshops for families in Southeast San Diego who were affected by the January 2024 floods.
Other resources include monthly money management workshops covering budget, saving tips, credit and debt, vehicle purchases and safe banking.
While the program is open to the public and is not restricted by income, the focus is on families involved with partner organizations. In addition to Interfaith Community Services, the groups include Lifeline Community Services, Interfaith Shelter Network, Operation HOPE, Logan Heights CDC, Community HousingWorks and the Chicano Federation.
The SparkPoint Initiative, founded in 2009 by United Way Bay Area, is funded by Wells Fargo, U.S. Bank, San Diego Gas & Electric and PNC Bank.
