Tennessee Listening Tours

The Tennessee Alliance for Financial Independence (TAFI) and the Federal Reserve Bank of Atlanta co-hosted a Listening Tour across Tennessee to develop a better understanding of the financial challenges affecting Tennesseans. The objective of the Listening Tour was to gather information that would provide direction and data for state-wide financial initiatives and strategies that encourages financial stability efforts, particularly among low wage earners.

There were five stops on the Listening Tour, including three urban areas (Memphis, Chattanooga and Nashville) and two rural communities (Morristown and Fayetteville). The meetings brought together various local leaders from both the public and non profit sectors, United Way, Community Action Agencies, financial institutions, faith based organizations, government and civic leaders. The same set of questions was used to facilitate the meeting at each location. (To download the complete report visit the Resource Page)

Lessons learned from the Listening Tour remind us that the financial challenges facing our state are interrelated, complex and influenced by many factors. Housing, unemployment, financial literacy and behaviors impact and influence one another and attempts to improve one area require consideration of the other areas. This suggests that service providers need to be more holistic in their approaches and communicate more effectively with other service providers. It is also important that these service providers recognize that long term mentoring and empowerment opportunities are more effective than short term quick fixes and that more training in behavioral economics and poverty reduction strategies is needed.

On a statewide level, more advocacy and education is needed on the topic of predatory lending and in providing safe, affordable alternatives, such as small dollar loans and IDAs.  Communication collaterals are needed that can be shared and utilized by a wide variety of partners and the development of a one-stop shop for research and resources would be useful. Sharing the Listening Tour findings should also benefit those advocates who can influence public policy in other key areas impacting financial stability, including health care, housing and transportation.