The U.S. Congress designated April as National Financial Literacy Month in 2004, to promote educational initiatives and resources that would encourage families and young people to establish and maintain healthy financial habits. This special designation is sometimes referred to as Financial Capability/Literacy or Financial Health Month.
Virginia’s Community Colleges received a Workforce Innovation Fund grant from the U.S. Department of Labor to replicate the Working Families Success Network model in One Stop Career Centers. One of the main areas of focus involves the Center customers’ financial well-being. This research study supports financial success coaches in 6 local workforce investment areas across the state (Roanoke, Piedmont, Southside, Northern Virginia, Norfolk, Danville/Martinsville), to work with WIOA clients on assessing their current financial situation, setting goals, developing a household budget, obtaining a credit report/score, creating a long-term plan to address the family’s needs around housing, transportation, and education. Participants are encouraged to open a savings account, save for retirement and emergency needs, and increase insurance coverage.
Customers receive a Passport to Success to track their progress and a calculator for estimating expenses and money management.
Check out this 3 minute orientation video to learn more about the project.
The coaches use technology to assist the VFSN customer to help teach financial wellness. My Budget Coach© is a 12-month cloud-based suite of financial coaching tools and curriculum that can be used in person or remotely (online). The focus is on increasing savings, decreasing debt, paying bills on time, and applying a household budget.
The coach can also use The Benefit Bank© to assist the customer in determining if they are eligible and then applying for income and work supports, while they seek to pursue a credential or degree, obtain employment and develop their career path. You can file your federal and state income tax returns, FAFSA, veterans’ services, etc.
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