Since the Great Recession, federal, state and local governments have been working on strategies to create more financially secure economies. Nashville is charting a new, more holistic course that strategically utilizes our resources to grow our economy inclusively. A lack of economic inclusion has broader consequences for the macroeconomy, having the potential to hurt both equity and productivity by reducing access to credit, which is essential for starting and growing businesses, buying homes, and economic development more broadly.
Economic inclusion is important for Nashville now more than ever; as a growing city, new residents may eventually require support if they experience economic disruption, such as an unexpected health related expenses, car or home repair, and family care. Implementing economically inclusive strategies improves the overall financial health of our community—more financially resilient residents enhances Nashville’s ability to bounce back from possible economic and environmental shocks and stresses.
To further expand upon these efforts, Mayor Barry has convened the Economic Inclusion Advisory Committee, which is currently developing a vision for a comprehensive approach to empowering low and moderate income Nashvillians by creating an educational foundation, empowered decision making, and reducing barriers to entering the financial marketplace.
The Nashville Financial Empowerment Center is a key method of increasing financial empowerment by providing free, professional financial counseling to Nashvillians citywide.