New Dashboard Displays Baltimore Young Families Success Fund Participant Demographic Data
Thursday Sep 29th, 2022
FOR IMMEDIATE RELEASE
Baltimore’s participant spending data will be included in the next quarterly update of the dashboard. Recurring, unconditional cash payments make participants more economically resilient.
BALTIMORE, MD. (Thursday, September 29, 2022) - This week, the demographic results of the Baltimore Young Families Success Fund were rolled out as part of a major, nationwide step forward for the guaranteed income movement.
Mayors for a Guaranteed Income's new data dashboard shows that around the country, families are using their need-based cash payments to cover necessities in an uncertain economy - providing them with the opportunity, freedom, and resilience they need to build financial security. Spending data for Baltimore will be included within the next quarterly dashboard update after at least three months of data have been collected.
Last year, Mayor Brandon M. Scott joined the Mayors for a Guaranteed Income (MGI) and committed to launching a Guaranteed Income pilot. MGI is a national network of mayors who advocate for a Guaranteed Income-direct, recurring cash payments with no strings attached-to lift up all of our communities and create a just country, one city at a time. Joining the network puts Baltimore at the forefront of a national fight for equity.
First announced in April 2022, the Baltimore Young Families Success Fund (BYFSF) is a guaranteed income pilot project providing 200 young parents, between 18-24 years old, with an unconditional cash payment of $1,000 per month over 24 months. BYFSF issued the first payments to participants on August 15, 2022. Residents can visit bmorechildren.com/guaranteed-income to find answers to frequently asked questions about the program. The pilot is a collaboration between the City of Baltimore, the CASH Campaign of Maryland, MGI, and Steady.
Initial data from the Baltimore Young Families Success Fund shows:
- Guaranteed income pilot programs are an effective tool to improve racial and gender equity. The programs were not targeted by race or gender, yet the funds reached higher proportions of women and people of color because systemic racism and sexism make it harder for them to achieve financial freedom.
- 87.7% of participants were women, and 12.3% were men.
- 91.5% of participants were African American.
- 1.5% identified as Latinx.
- 3.1% were of mixed descent.
- 3.1% identified as White.
- The average age of participants is 22 years.
- The average annual household income is $15,071.
"The Baltimore Young Families Success Fund is putting money directly into the hands of our most economically disadvantaged residents," said Mayor Brandon M. Scott. "This is about putting young families in a position to achieve financial mobility and success. I am excited to see how our program progresses as payments continue to be disbursed to our participants and proud to be a part of this national movement for economic justice."
"This program has really improved my mental health and helps put my mind at ease. It makes me feel like I can do so much more for my daughter," said Ariana W., Baltimore Young Families Success Fund recipient. "Just after two payments, so much in my life has changed."
"Unrestricted funds allow families to pay for needed items; families are the experts on how to prioritize their needs," said Robin McKinney, CEO of the CASH Campaign. "Families are already feeling relief from their ability to manage their money vs. their money managing them."
"The data released today is a breakthrough for justice, equality, and the guaranteed income movement. It proves that cash is an urgent solution to the failures of the American economy," said Mayor Michael D. Tubbs. "It's time for leaders, at every level, to join us in this guaranteed income movement to finally create an economy that works for all."