Financial Literacy Committee

Financial Literacy Committee

Carolyn Richie and I have been teaching the module titled “Pay Yourself First” that discusses the reasons to save money and the different ways to save.  I have to admit that initially I was not convinced that “teaching” this program (especially this module) to homeless people was a good idea.   Why would anyone that was homeless be interested in or able to save money when they didn’t even have a place to live? Would they be resentful of people “telling” them how they should be handling their finances, especially since they have not volunteered to take the classes but are required to do so?

After only one time teaching this class, I became convinced that the FDIC Money Smart program is extremely beneficial and that the teaching of it to the clients at IHN is making a positive impact.  Actually, teaching is not the correct term.  We are sharing basic financial concepts with the participants, and they are sharing their knowledge with us.    I have learned a lot about how rent-to-own, pawn your title, and payday loan companies work!  Hopefully, Carolyn & I have been able to share with them alternatives to using these services.  It was eye-opening to realize that these clients had very little basic financial knowledge – knowledge that we take for granted (for example, the fact that you can open a savings account at a bank or credit union with any amount of money and that you can access that money anytime). 

Since we have started this program, we have seen three different families get jobs and move into housing.  They have all said that what we have shared with them has been beneficial and that they are more confident that they will be able to better manage their finances in the future.  One couple recently opened a credit union account and told us it was a direct result of what we had discussed regarding saving money and establishing a relationship with a bank.  The clients are very open about sharing their lives with us and ask lots of good questions regarding money.  They are very receptive to learning and want to make their lives better.  This has been a rewarding experience for me and I think for the other ASWA members taking part in this program.

Susan LeVan