For the Long Term’s vision of Economic Opportunity is about creating inclusive pathways to financial stability, wealth-building, and long-term resilience for all individuals. Collaborating with state treasurers and financial leaders, For the Long Term focuses on initiatives that dismantle systemic barriers, foster financial security, and empower communities, especially those that have historically been underserved.

One key approach is promoting the establishment of Offices of Financial Empowerment (OFEs) within state treasuries. These offices serve as centralized resources, providing critical support for improving financial literacy, offering financial counseling, and consolidating various state-run financial programs. By creating a single point of contact, OFEs make it easier for residents to access resources and support that promote financial security. For instance, an OFE can guide people through retirement planning, coordinate access to safe banking products, and foster statewide strategies to address economic challenges. This coordinated approach improves service efficiency, reduces costs for public awareness efforts, and can significantly impact household financial wellness.

State-facilitated Auto-IRAs are another essential component in advancing economic opportunity. These retirement savings programs provide automated savings options for employees who may not have access to workplace retirement plans, helping to address the widespread issue of retirement insecurity. By offering Auto-IRAs at no cost to small businesses, these programs make retirement savings accessible to low- and moderate-income workers who are at risk of insufficient funds for retirement. Several states have successfully implemented this approach, allowing workers to prepare for their financial futures with straightforward, accessible retirement savings options.

For the Long Term also supports Baby Bonds, an innovative initiative aimed at building a foundation of financial security for the next generation. Baby Bonds provide newborns with seeded savings accounts that grow over time, with the funds becoming accessible when young adults reach maturity. These funds can be used for key life expenses such as education, homeownership, or starting a business, helping to narrow wealth disparities across racial and economic lines. This program has proven especially impactful in addressing long-standing racial and economic inequalities, creating opportunities for young adults to achieve lifelong financial stability.

In addition, For the Long Term advocates for financial protections and supports that foster economic opportunity across the lifespan. This includes promoting state student loan borrower protections, advocating for down payment assistance and homeownership programs, and expanding the reach of BankOn coalitions to help unbanked and underbanked individuals access safe and affordable financial services. These efforts work in tandem to build financial literacy, increase access to essential resources, and foster economic resilience at the community level.

Through initiatives like OFEs, Auto-IRAs, Baby Bonds, and other key programs, For the Long Term empowers treasurers and financial leaders to take meaningful steps in closing wealth gaps, supporting community financial wellness, and ensuring financial resilience for generations to come.