Prosperity Now has worked to expand economic opportunity to achieve 
financial security and long-term prosperity.Founded at a time when millions of families were excluded from pathways to economic advancement, the organization began with a simple but transformative idea that people should be able to earn income while also building assets, stability, and opportunity for future generations.
For nearly five decades, Prosperity Now has helped shape the national conversation around financial security, early asset-building, and pathways to prosperity. From pioneering early asset-building strategies to advancing innovative solutions in housing and homeownership, entrepreneurship, tax opportunity, and family financial health, Prosperity Now has consistently connected research, policy, practice, and lived experience to create lasting change in communities across the country.
Prosperity Now’s story begins with its founder, Bob Friedman, a nationally recognized leader and pioneer in the asset-building movement.
Bob founded Prosperity Now, formerly known as CFED, in 1979 with the belief that economic opportunity should extend beyond income support and short-term assistance. He believed that families also needed the ability to save, invest, own homes, start businesses, and build assets that could create stability across generations.
At a time when poverty policy focused primarily on consumption and income maintenance, Bob introduced a broader vision centered on ownership and long-term economic participation. His work helped popularize concepts that are now foundational to the economic mobility field, including Individual Development Accounts (IDAs), Children’s Savings Accounts, and asset-based anti-poverty strategies.
Under his leadership, Prosperity Now became a national incubator for innovative ideas that bridged policy, research, and community practice. The organization brought together policymakers, financial institutions, nonprofits, and local leaders to test solutions that could later scale nationally.
Bob’s vision helped redefine how policymakers and practitioners think about economic opportunity in America. His belief that financial security requires both income and assets continues to shape Prosperity Now’s mission and work today.
Prosperity Now’s story begins with its founder, Bob Friedman, a nationally recognized leader and pioneer in the asset-building movement.
Bob founded Prosperity Now, formerly known as CFED, in 1979 with the belief that economic opportunity should extend beyond income support and short-term assistance. He believed that families also needed the ability to save, invest, own homes, start businesses, and build assets that could create stability across generations.
At a time when poverty policy focused primarily on consumption and income maintenance, Bob introduced a broader vision centered on ownership and long-term economic participation. His work helped popularize concepts that are now foundational to the economic mobility field, including Individual Development Accounts (IDAs), Children’s Savings Accounts, and asset-based anti-poverty strategies.
Under his leadership, Prosperity Now became a national incubator for innovative ideas that bridged policy, research, and community practice. The organization brought together policymakers, financial institutions, nonprofits, and local leaders to test solutions that could later scale nationally.
Bob’s vision helped redefine how policymakers and practitioners think about economic opportunity in America. His belief that financial security requires both income and assets continues to shape Prosperity Now’s mission and work today.
