Financial Literacy Programs

Overview of Financial Literacy Programs:

Homeownership is the main means by which a low-income family can establish assets and increase wealth. Therefore, our primary concern is to use education to increase the number of low- and moderate-income homebuyers in the Boston area. Educating whole families in financial literacy is an effective means to bring them into the position to purchase a home. Further, money management skills are necessary for our clients to be financially self-sufficient and successful homebuyers. This conclusion is based upon our experiences in successfully helping low- and moderate-income people obtain mortgages. In the home-purchasing process, the whole family should be brought into credit counseling. There must be an understanding and claiming of the unique goal of homeownership by all family members. Therefore, Community Funding has established a multi-faceted financial education program, to meet the needs of all family members.

Public School Financial Literacy Program:
There is a crisis in our country concerning both the lack of financial responsibility amongst the youth of our nation and the resulting negative credit history. Our concern about financial education has stemmed from our many experiences with young people whose poor credit has made it difficult to purchase and maintain a home. Preventative education is a major part of the necessary cure to this epidemic. As such, Community Funding is now engaged in educating our young people in financial literacy. We have initiated relationships with classrooms in Boston public schools, meeting with the students in math, economics and social studies classes. Through a curriculum provided by the National Endowment for Financial Education, we provide practical lessons in financial management.

Adult Education Program:
In addition to the education of our youth, Community Funding is also invested in adult education. We realize that the language involved in preparation for retirement, funding a child?s education, filing taxes, and purchasing a home, among other things, can often seem obscure and difficult to understand. As such, Community Funding has initiated relationships with local community centers in Boston , offering free adult education classes.
Partnership with St. Mary's Women and Children's Center, Women @ Work:
As part of its adult education program, Community Funding plans to work with Caritas St. Mary's Women and Children's Center, a Dorchester-based organization. We will meet with the students participating in the center's Women @ Work program, which provides participants with training in job skills.

Goals of Financial Literacy Programs:
1) Provide our students with the keys to financial success, assuring that they are fluent in the language of finance;
2) Improve the savings, budgeting skills and credit scores of low- and moderate-income people;
3) Increase the number of low- and moderate-income families who are buying homes and obtaining mortgages at prime rates.