By Heather Peeler

What does financial security look like to you? Owning your home? Having retirement savings? Affording a vacation?

Recently, the City of Alexandria and community partners conducted a series of “pulse check” interviews with more than 90 residents in low-income neighborhoods asking them this question. For most respondents, financial security means freedom. Freedom from being stressed or worried; freedom to afford the basic necessities; freedom to pursue their dreams.

For too many, financial security is out of reach. According to the United Way of Virginia, in 2022, 40% of Virginians faced significant economic hardship. They could not afford the basic cost of living in their county.

The challenge of ensuring that all Alexandrians thrive considering financial hardship feels daunting. And, we know that the solution is not to ask individuals to work harder: 29% percent of Virginians are working and earn more than the federal poverty level, but the high cost of living makes it difficult to make ends meet.

According to the City of Alexandria’s Office of Housing, the average annual salary needed to rent a one-bedroom apartment is $76,800. It is out of reach for a person earning $20 per hour who would need to work more than 70 hours a week just to afford rent. Add in other necessities and it is understandable why so many families are stressed. One individual alone, no matter how resourceful and determined, cannot change the systemic forces that breed financial insecurity.

The solution to helping Alexandrians move from financial instability to stability is going to require collective, long-term action. Complex problems must be met with complex multi-faceted strategies that combine patience and creativity with urgency and best practice.

Fortunately, our community is poised to take action. ACT, the City of Alexandria, Neighborhood Health and ALIVE, Inc. are participating in the Urban Institute’s Upward Mobility Cohort. We are one of 26 communities from around the country receiving technical assistance as we build a coalition to craft a bold agenda that will help low-income Alexandrians achieve financial security and prosperity.

The Urban Institute provides a data-informed economic mobility framework features: economic success – having adequate income and assets to support basic needs; dignity and belonging – feeling valued by your community; and power and autonomy – having the ability to make the choices that are right for your family and to influence the policies that affect your future.

We are learning from communities like Boone County, Missouri, where they are implementing a multipronged approach focused on fair and inclusive housing, early-grade literacy and jobs and workforce development. They assembled a coalition of 40 community stakeholders to map out specific outcomes and craft a community dashboard to measure progress.

This summer, our Upward Mobility Collaborative has convened three workgroups examining data, resident experiences and community resources to better understand the current conditions and the potential for positive change. One critical step in the process is tapping the wisdom of Alexandrians experiencing financial insecurity; they have the best ideas for how to move forward. Together we will cocreate a bold agenda for change.

In addition, ACT is facilitating a youth employment working group composed of educators, nonprofit and business leaders, and city officials to zero-in on the ways we can help youth secure jobs and careers that offer the potential for financial security and for them to pursue their dreams.

If you are motivated to be a part of the process, reach out to us. What has been your experience moving up the economic ladder? What kinds of solutions do you think are necessary? You can also donate to ACT’s Economic Mobility to fund the community conversations that will be necessary for progress. The economic wellbeing of our community depends on our collective action.

This writer is president and CEO of ACT for Alexandria.