TERRE HAUTE, Ind. (WTWO/WAWV) — The United Way of the Wabash Valley has announced a new grant opportunity with the goal of helping people improve their financial management skills.
It’s called the Financial Skills at Work grant and was developed by the United Way’s Financial Management Impact Council. The Council promotes financial coaching and income management throughout their six-county service area. Improving financial management skills is an important step in breaking the cycle of poverty and achieving the bold goal of moving 10,000 families out of poverty and into stability.
The need for increased financial literacy among adults in the United States is well-documented. In 2019, the Board of Governors of the Federal Reserve System reported that 12% of adults wouldn’t be able to pay their monthly bills if they incurred an unexpected expense of $400 or more. Additionally, in 2018, the FINRA Investor Education Foundation found that in Indiana, 48% of individuals lack a rainy-day fund and 16% reported that over the past year, their household spent more than their income.
United Way of Wabash Valley Press Release
The group is looking for businesses in the area to partner with in order to provide financial literacy training to their employees. The training is called ‘Financial Skills at Work.’ Applying organizations will work with an employer partner or partners to deliver convenient and incentivized financial literacy training to their employees.
The goal of the program is to expand all participants’ ability to understand and properly apply financial management skills such as family budgeting skills, encouraging ongoing savings to assist with emergency situations and retirement savings, as well as reduce the need to seek high-cost borrowing alternatives (credit cards & ‘pay-day’ loans) for unforeseen needs.
“When we were developing our strategic plan 4 years ago we met with local business leaders. We heard over and over of the struggles of their employee’s financial health and that many leaders didn’t know if and how they could help. Our council took this information and wanted to be able to support those employers with this grant opportunity that will work alongside them to provide a collaborative approach to their employee’s financial literacy. We look forward to the new and innovative partnerships this grant will create.”
Richard Payonk, United Way of the Wabash Valley’s Executive Director
$100,000 is available in grant funding. Organizations interested in applying must submit a ‘Letter of Intent’ package by April 4 and are required to attend an informational meeting on March 25.
More information regarding the program and how to apply can be found here.
