Financial Literacy Program for Low Income Women

Project Admin Panel

What: Many adults have not developed good spending habits, nor developed a propensity to save. They unnecessarily suffer as a result, often become reliant upon others, and are not prepared to pass good spending and saving habits on to their children. This project seeks to teach low income women how to budget and save, enabling them to make better use of their limited income. To encourage a savings ethic in both the parent and child, an adjunct "piggy bank" savings program for K-3 children of the participating families will also be developed. When appropriate, microenterprise will be introduced as a means of increasing family income and savings.

Who: Project Leader: Mike Lee - Nevada Volunteers Initial Team: Tyler Bowman, Nancy Hamilton, Giovanis Montero, Ray Duffy Project Secretary: Tyler Bowman

How: The initial project team will meet, develop a pilot program, and implement the pilot with a very limit number of participants. The pilot will be based upon existing knowledge and materials, but will be custom designed to help the participants make better household spending decisions and motivate them to start saving money. The philosophical approach is "learning by doing," supplemented with ongoing support and reinforcement. The focus is on achieving well defined budgeting and saving benchmarks. The ongoing hands-on training and support will seek to change the participants' mindset and behavior with regard to spending and saving money. The program will be initiated with a specific non-profit, or two, currently providing services to low income women. Past experience indicates low income women will be more motivated to change their behavior, and they are more likely to have young children who can participate in the piggy bank savings program. For participants successful at implementing the principles being taught, additional asset management tools will be made available, such as passbook savings accounts, ATM debit cards, and checking accounts. Upon successfully completing this program, participants will be encouraged to participate in one or more appropriate educational programs offered by other organizations regarding credit, loans, and investments. If this pilot effort is successful, it can be expanded to others non-profits and adults other than low income women.

When: To commence within 3 months of a team committing to go forward with the program. Program for the first set of participants should last about 6 months.

Metrics: Number of participants saving money; number of participants opening a passbook savings account; number of participants qualifying for and opening a debit ATM card; number of participants qualifying for and opening a checking account.

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