Monthly Archives: May 2022

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Reducing barriers to care | Access to community-based care

Having access to quality, affordable health care is an important foundation for a better quality of life, also known as a social determinant of health*. When individuals or groups of people experience ongoing barriers to care, they may also experience health disparities. Providence is taking action to reduce and eliminate these disparities, and a key strategy is by listening to and then partnering with community organizations in several states. As a family of organizations, we are committed to ensuring equal access to care for historically marginalized and/or underserved populations.

Hypertension or high blood pressure is a priority focus for Providence in Los Angeles and for our community partner, Live Chair Health, a nonprofit organization that is creating a network of clinical and non-clinical resources to reduce health disparities among minority populations. Inside trusted spaces such as barbershops, beauty salons and churches, Live Chair Health is creating more access points for people to get health care screenings, resources and education for life-threatening conditions.

In 2021, Providence became Live Chair Healths first west coast partner as part of a broader commitment to reach 100,000 people through our hypertension reduction project. Live Chair Health installed blood pressure cuffs at kiosk stations in barbershops and salons and trained staff to serve as community liaisons inside their business. They are equipped to communicate with customers about the benefits and often necessity of preventive screening.

Once customers complete a screening and get set up in Live Chair Healths system, they have access to a complete health care journey including recommendations for a primary care provider, a Smartphone app to track vital readings and reminders to seek additional services. The partnership between Providence and Live Chair Health works because of established local relationships that flourish with the right support.

In Humboldt County, Providences Paso a Paso (Step by Step) program provides free health education and assistance to members of the Latinx community who are parents or preparing for parenthood. Expert, bilingual caregivers connect with community members through the Paso a Paso program to offer a wide range of support, including childbirth education and preparation, parenting classes, home visits, postpartum counseling, and infant and child wellness checks.

In 2021, Paso a Paso received $688,397 in Providence community benefit funding to provide care and services to members of the Latinx community in Humboldt County.

Paso a Paso offers 200 classes and support groups each year, and since 2020, many of those classes have moved online to provide continuity for families throughout the COVID-19 pandemic. Families appreciate interacting with a caregiver who understands their culture and speaks their primary language. With highly personal and culturally competent care, family members are more comfortable asking questions or committing to follow-up care.

In 2021, Providence provided Paso a Paso with $688,397 in community benefit support to ensure members of the Latinx community in Humboldt County continue to receive care, navigation support, and advocacy from a health care professional who speaks their first language.

In the coastal town of Astoria, Oregon, the team at The Harbor knows that domestic violence can affect anyone people of all backgrounds, cultures and income levels in this community of 10,000. Using a trauma-informed empowerment model, The Harbor experts validate a persons strengths, instill confidence and provide care tailored to each survivors unique needs.

In situations where victims may lack financial independence from their abusers, The Harbor has partnered with Financial Beginnings, a nonprofit organization expert in financial literacy education and empowerment. In the fall of 2021, The Harbor staff were trained by Financial Beginnings so the two organizations can co-lead financial workshops in 2022.

In 2021, Providence in Oregon provided a $25,000 community benefit grant to support a range of The Harbors lifesaving and life-changing services for domestic violence survivors. It is the only program of its kind on the North Coast.

To better reach under-resourced communities and provide culturally respectful services, in 2021 The Harbor trained its team in diversity, equity and inclusion including implicit bias. The Harbor has formed a trusted alliance with a local nonprofit organization, the Q Center, to build even more inclusive programming and services for members of the LGBTQIA+ community. There was more work to do, and The Harbor sent a health coordinator into Latinx communities who was a well-known, trusted and respected community leader. Her outreach efforts led to a series of eight online Spanish-language workshops in 2021 about healthy relationships.

Thanks to our community partners leading these local and culturally competent programs, access to care is increasing by meeting people where they are. This includes helping people navigate complex systems, providing resources and information, and ensuring respectful care is available to all. Providence is honored to work alongside such organizations, reducing barriers and improving health equity for the most vulnerable among us.

*Social determinants of health include factors like socioeconomic status, education, neighborhood and physical environment, employment, and social support networks, as well as access to health care. Addressing social determinants of health is important for improving health and reducing longstanding disparities in health and health care.

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Meeting people where they are to bridge health gaps - Providence

I spent the final days of my vacation at Santorini Island in Greece. There, I saw a lot of young people partying, walking around the marble streets, and lounging at the hotel pool. Im sure among them were recent law school graduates. Since it was late May, I assumed they were having their post-graduation celebrations. Im sure they will post photos on their social media profiles flexing their hotel rooms with ocean views and eating dinner at restaurants overlooking the Mediterranean sunset. But when they return, many of them will begin adulting, which includes repaying their student loans.

Some people will see this as the typical reason for not forgiving student loans. Otherwise, taxpayers will be paying for their all-expense paid vacation. They will say something like, Did these people have to spend thousands of dollars on plane tickets, hotels, and expensive restaurants? Couldnt they instead have celebrated a staycation at the local TGI Fridays and use the rest of the money to pay down the loan principal? Why cant these people exercise some delayed gratification and personal responsibility?

Most of these people seem to think that student loans (or just debt in general) should take priority before spending on fun stuff. And generally, this advice is sensible. Others take it a few steps further and advise that you spend all of your money early on to both pay down debt and save for retirement, even if it takes a decade or more. These tend to be the people who advocate the Financial Independence, Retire Early lifestyle. While saving excessively is good, I am not sure whether I can live on rice and beans for years.

Some will have trouble dealing with their student loan debt. There are some who are just not good at managing their money. But others are hurting because they suddenly lost their job.

But others can live with debt even if they do earn a large income. Probably their biggest debts are their home, their cars, taxes, and their student loans. But they are not living paycheck to paycheck. They can probably pay everything off in a few years if they really wanted to and are willing to sacrifice a few things and experiences to do so. But they choose not to because they want to have money in a savings account or just splurge on occasion. Would the personal responsibility crowd object to these people spending money on vacations instead of paying off their debts early? I doubt they would so long as bills are paid as agreed, and the vacation was planned and budgeted ahead of time.

Lastly, there are some people whose debt load is so large that it will take decades to pay off their loans, even if they saved and sacrificed. But by then they will have given up the best years of their life. I am not sure if I want my headstone to say, At least I paid off my student loans.

On that note, going back to the young people celebrating at Santorini, I dont know their student loan situations, but its safe to say that each has a unique story. Some took no loans at all because of a generous scholarship or because someone else paid their vacation costs. Others probably saved up for it by working extra overtime at their part-time work-study jobs. And some just said the heck with it and paid for their vacation with their credit card.

Generally, it is not a good idea to use student loan money to pay for lavish vacations. And if you are out of school and earning money, it is better to use your earnings to lower debt instead of hoping that a fairy godpresident will make all student loans disappear by waving his magic executive order pen. But debt should not be a barrier to taking vacations so long as people are financially responsible about it. This means setting up a budget plan and saving enough money for travel costs. We shouldnt use lavish vacations as the main talking point for making student loans difficult to discharge. If paying debts off should be a priority, then by that logic, everyone should pay off their mortgage and car loans before they can spend money on a vacation.

Steven Chung is a tax attorney in Los Angeles, California. He helps people with basic tax planning and resolve tax disputes. He is also sympathetic to people with large student loans. He can be reached via email at stevenchungatl@gmail.com. Or you can connect with him on Twitter (@stevenchung) and connect with him onLinkedIn.

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Don't Let Student Loans Scare You Away From Taking Vacations - Above the Law

First Step Alliance,a New Jersey 501(c)(3) non-profit organization working on behalf of formerly incarcerated individuals, has been approved as a Membership Association for Diverge.

FORT LEE, N.J., May 25, 2022 /PRNewswire/ --The National Credit Union Administration (NCUA) has extended its approval for a new charter application for Diverge, a Proposed Federal Credit Union (PFCU), whose mission is to advance economic empowerment for historically marginalized and unbanked communities.

Discrimination in financial services is a significant problem for millions of formerly incarcerated individuals, and especially impacts people of color and women. An unwelcoming financial system forces people to rely on check cashers, payday lenders and other high-cost, non-bank alternatives. Diverge will address systemic discrimination by improving access to affordable products and financial education to help people build long-term financial health.

"I'd like to commend the team behind Diverge PFCU's charter application. Their concept is an example of true financial inclusion, and it's also an example of why reforming NCUA's chartering process is one of my top priorities," saidKyle S. Hauptman, NCUA Vice Chairman.

Individuals, businesses, and other organizations can join the proposed new credit union through approved membership organizations, including First Step Alliance, whose membership is broadly open to formerly incarcerated people, their families, and supporters. Future credit union members will be able to access their accounts online and with a mobile banking app, as well as through a large fee-free ATM network. Credit union staff will provide more personalized service by phone and at planned branch locations.

"Justice-involved individuals are frequently shut out of mainstream banking, forcing them to use high-cost, often predatory non-bank providers," saidNancy Eiden, Founder and Board Chair for First Step Alliance. "Everyone deserves a fair chance to restart their lives, and access to financial services is an integral part of successful reentry."

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There are several ways individuals and organizations can get involved and show their support for the project:

First Step Allianceis a 501(c)(3) non-profit organization headquartered in New Jersey committed to charitable and educational causes that help advance successful reentry and sustainable financial independence for justice-involved individuals. First Step Alliance partners with reentry programs, Departments of Corrections, credit unions, and other community organizations to fulfill its mission. For more information, visit http://firststepalliance.org/and follow First Step Alliance on LinkedIn, Facebook, and Instagram.

ContactNancy Eiden862-294-0355337219@email4pr.com

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SOURCE First Step Alliance

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The National Credit Union Administration Has Given The Green Light for a New Charter Application for Diverge, a Proposed Federal Credit Union. This...

There was a time in India when financial education was restricted to the financial shelf in bookstores.

Today, the game has changed largely due to internet penetration and the availability of affordable data, leading a whole new group of consumers to the digital economy.

Retail participation in the Indian stock market has increased dramatically over the last two years.

According to a survey by S&P, more than 75 per cent of Indian adults do not adequately understand basic financial concepts. The gap is more when it comes to women, standing at 80%.

While India is moving towards bridging the financial literacy gap, multiple challenges prevail. The first is information overload and data paralysis.

Information presented online is often presented in a fragmented manner, and there is lack of credibility.With around 50 per cent of the 1.37 billion population in India having internet access and almost 70 crore having a smartphone today, why is democratizing financial education important?

Bridging the urban-rural divideRural residents face numerous constraints in accumulating assets from their savings. Lack of financial literacy and available investment avenues make it challenging for rural investors.

A considerably large part of the rural savings go into informal savings avenues like gold, chit funds, real estate, and most predominantly bank deposits.

Institutionalization of such savings can improve their efficiency by promoting better allocation among different areas, sectors, and economic activities. This is where financial literacy and education plays a paramount role.

Digital financial services companies need to start communicating with the rural markets in a language they understand, a channel they relate to and using influencers they connect with.

The objective of literacy programs conducted by various stakeholders needs to address the concerns of small investors, such as what and where to invest so that they can secure their future effectively.

As savings and investment of individuals in an economy are the two variables by which the strength of an economy can be measured, democratizing access to financial education will unlock a plethora of opportunities and investment streams for rural India to enhance their savings.

Elevating the role women investors can play for accelerated economic growth. Low financial literacy is exacerbated by patterns of vulnerability among specific population subgroups.

Most women fail to take charge of their own money and are dependent upon their parents or husbands for managing their finances.

Moreover, due to factors like less risk appetite and limited investment knowledge, women prefer traditional methods of savings and investment with low returns such as FDs, gold ornaments, provident funds etc over volatile instruments such as stocks and Mutual funds.

Despite women being more savings-oriented, by traditional methods, their wealth lies idle in bank accounts and tends to lose value over time owing to inflation.

Additionally, social conditioning, patriarchy, steep gender-pay gap, and pink tax disproportionately impact Indian women financially.

Today, India has the largest number of single women in its history. Hence, there is a need for financial autonomy and there's never been a greater need for financial education and awareness.

Studies have shown that women have a shorter span of working careers owing to family needs, have greater life expectancy than men and are paid less compared to men for the same work profile.

These factors arise the need for women to develop healthy investment habits for a secured future. Encouraging women to invest will not only ensure the financial independence of women but also increase the flow of money to the financial market, and the time is now.

More capital investment will ensure increased production of goods and services, which will boost the country's economic growth.

Empowerment of Indias youth by making them financially independentAs a country with one of the largest young populations in the world and a booming economy, youngsters in India expect a brighter future.

As a result, today's young investor shows an unprecedented degree of financial prudence. Modern investment portfolios like crypto, stock market, US stocks, etc have played a major attraction point for the young Indians to begin their investment journey.

However, there is still a long way to go and a dire need to inculcate financial investment habits amongst Indias youth today. Including financial education as part of the school, the curriculum is a fair and efficient policy tool. Financial education is a long-term process.

Building it into curriculums from an early age allows children to acquire the knowledge and skills to build responsible financial behaviour throughout each stage of their education.

Financial education would also encourage increased participation amongst the youth in the financial markets to meet financial goals and objectives, develop credit discipline and availing credit from formal financial institutions as per requirement, and improve the usage of digital financial services in a safe and secure manner.

The way forward for financial literacy and what worksTo be effective, financial literacy initiatives need to be large, scalable and consistent. Schools, workplaces, and community platforms provide unique opportunities to deliver financial education to large and often diverse segments of the population.

Furthermore, stark vulnerabilities across the country make it clear that specific subgroups, such as women and young people, are ideal targets for financial literacy programs.

Financial education is a crucial foundation for raising financial literacy and informing the next generations of consumers, workers, and citizens. A key lesson is that when it comes to providing financial education, one size does not fit all.

In addition to the potential for large-scale implementation, the main components of any financial literacy program should be tailored content, targeted at specific audiences.

In todays world, financial literacy should be considered as important as basic literacy, i.e., the ability to read and write. Without it, individuals and societies cannot reach their full potential.

(Co-authored by Harsh Jain (Co-founder & COO, Groww) and Hena Mehta (Co-founder & CEO - Basis)(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Financial education and its importance in making investing accessible across India - Economic Times

The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/Files

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May 26 (Reuters) - Ernst & Young is evaluating options to improve their audit quality, Chief Executive Carmine Di Sibio said on Thursday in an internal memo seen by Reuters, at a time when the Big Four accounting firms are often blamed for their lack of independence.

The memo was sent in response to a report by the Financial Times that said the accounting firm is planning to split its audit and advisory operations worldwide. (https://on.ft.com/3LPvNie)

"No such decisions have been made," Sibio said in the memo, while referring to the media coverage on plans to spinoff. An EY spokesperson told Reuters the firm routinely evaluates strategic options, but the process is in its early stages.

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A spinoff, if it were to take place, will create an audit-focused firm separate from the rest of the business, but the exact structure of the shake-up remains under discussion, the FT report said.

London-based EY is one of the Big Four accounting firms along with Deloitte LLP, PricewaterhouseCoopers and KPMG that audits companies, which also pay fees for consulting and advisory work.

The companies have previously drawn criticism from regulators over their conflicts of interest that undermines the ability to conduct independent reviews.

In the United States, the country's securities regulator is probing conflicts of interest at the nation's largest accounting firms, the Wall Street Journal had reported in March. (https://on.wsj.com/3tUMVMq)

CEO Sibio said in the memo to the firm's partners that "with the changing competitive, regulatory and market landscape, work is ongoing to evaluate strategic alternatives".

The EY spokesperson said any significant changes would only happen in consultation with regulators and after votes by EY partners.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath and Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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EY evaluating strategic options to improve audit quality - Reuters