In-need families are given financial help on a monthly basis through the Minneapolis’ guaranteed income program in which each family receives $500 each month for 2 years.
Minneapolis’ Guaranteed Income Program
Guaranteed income programs have become more known and effective in helping families, especially around the US. Such a program has the objective to provide financial help to those families in need. In the state of Minnesota called Minneapolis, they have started such program by providing $500 each to eligible families over the course of 2 years. Regardless of race, age, gender, and the number of people in the household the families that meet the requirements of the programs are eligible to receive the money provided by the program.
In a published article in ValueWalk, this program is created due to struggling families and those impacted by the pandemic due to the fact that when the pandemic hit, mostly everyone lost their job, saw higher health expenses, or lost access to childcare, technology, or transportation. A study by Columbia University in 2020 stated that guaranteed income, even as little as $250 can greatly help reduce poverty of struggling families by 40%.
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