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Increase financial literacy in the region’s workforce

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TERRE HAUTE, Indiana (WTWO/WAWV) — United Way of the Wabash Valley has announced a new grant opportunity to help people improve their money management skills.

This is the Financial Skills in the Workplace Grant and was developed by the United Way Financial Management Impact Council. The Council promotes financial coaching and revenue management throughout its six-county service area. Improving financial management skills is an important step in breaking the cycle of poverty and achieving the bold goal of lifting 10,000 families out of poverty and back to stability.

The need to increase financial literacy among adults in the United States is well documented. In 2019, the Federal Reserve Board of Governors reported that 12% of adults would not be able to pay their monthly bills if they incur an unexpected expense of $400 or more. Additionally, in 2018, the FINRA Investor Education Foundation found that in Indiana, 48% of people had no rainy day fund and 16% said that in the past year their household had spent more than their income.

United Way of Wabash Valley press release

The group is looking for local businesses to partner with to provide financial literacy training to their employees. The course is called “Financial Skills at Work”. Applicant organizations will work with one or more employer partners to provide hands-on, incentivized financial literacy training to their employees.

The goal of the program is to expand the ability of all participants to understand and properly apply financial management skills such as family budgeting skills, encouraging ongoing savings to help them in difficult situations. emergency and retirement savings, as well as to reduce the need to seek high-cost loans. alternatives (credit cards and payday loans) for unforeseen needs.

“When we were developing our strategic plan 4 years ago, we met with local business leaders. We heard time and time again about the financial health issues of their employees and that many leaders were unsure if and how they could help them. Our council took this information and wanted to be able to support these employers with this grant opportunity that will work alongside them to provide a collaborative approach to financial literacy for their employees. We look forward to the new and innovative partnerships this grant will create.

Richard Payonk, Managing Director of United Way of the Wabash Valley

$100,000 is available in grants. Organizations interested in applying must submit a “letter of intent” package by April 4 and must attend an information meeting on March 25.

More information about the program and how to apply can is here.