Saving money and upward mobility go hand-in-hand
The amount of money you save can have a big impact on your child's life.
State of Opportunity's Jennifer Guerra recently spoke with Erin Currier, director of the Pew Economic Mobility Project to learn more. According to Currier, a child is more likely to move up the income ladder when his/her parents are able to develop their own assets.
For 20 year-old Monique Norton, 2013 is all about developing her own assets. She's made it her New Year's resolution to save $4,000 by the summer. So far she's saved a little more than half.
Norton wants to use the money to provide a better life for her son, six-month old Jamar. For Norton, this means buying a decent used car and moving out of her mother's subsidized housing complex in Battle Creek.
But Norton's mission to save money and provide a more stable environment for Jamar won't be easy. The federal government does little to encourage low-income people to save. Norton may also find it difficult to balance school, work, and motherhood.
Still, Norton remains determined. "[My son's] my world," Norton says. "There's nothing I wouldn't do for him."
To hear more about Norton's story, visit State of Opportunity.
- Jordan Medina, Michigan Radio Newsroom