The Iowa Credit Union Foundation (ICUF) released a new report titled “The Economic Realities of Communities of Color in Iowa” to leverage data and identify barriers to financial well-being within communities across the state. ICUF will use this report to support financial institutions and community organizations with actionable data and policy initiatives to break down barriers and increase financial inclusion for all Iowans.
“This new report confirms we are targeting our efforts where help is needed most,” said Ena Babic Barnes, executive director of ICUF. “While we have been focused on support to overcome these barriers to financial inclusion through our programming, we still have more work to do. Our credit union industry continues to step up and lead, but we can’t do it alone. I look forward to sharing this data with other community organizations across the state as we work together to help Iowans have more access to upward mobility and economic opportunity.”
According to U.S. Census Bureau data, more than 90% of Iowa’s current population is White. However, by 2045, it is estimated that more than 20% of population in Iowa will be from minority and mixed-race communities, underscoring the need to invest in fast-growing minority communities who will be future economic drivers in Iowa.
The report, conducted by Coopera Consulting, uses both quantitative and qualitative research. Quantitative data is presented through recent and available research on six indicators commonly used by non-partisan researchers to measure economic well-being and financial inclusion: Employment, Housing, Business Ownership, Education, Health, and Childcare.
Key findings from the report include: