 Committee - Financial Literacy
Committee Purpose and Objectives
The seven week program teaches financial skills to women who are entering the work force through training programs. FWA members teach each class with the assistance of a peer trainer who leads the discussion. The core skills we teach are:
– Cash flow and budgeting
– Use of credit cards
– Getting out of debt
– Using benefits
– Taxes
– Investing to achieve your goals
We teach the fall class at NEW, Nontraditional Employment for Women. This
Organization trains women to be plumbers, electricians, carpenters, etc. and places them in Unions, where they work as apprentices and eventually get their journeymen's license.
The spring class is conducted at The Grace Institute. This organization trains women in business skills and places them in jobs with benefits.
For both institutions, the participants are recruited from past graduates of their respective program. Between the two programs, we graduate approximately 50 students.
FWA members get to benefit by sharing their knowledge and presenting the material before a group in a relaxed atmosphere. We train the FWA members by having them observe the session they wish to teach. The following semester they are eligible to team teach the session with another FWA member. After that they may teach it solo or train another eligible FWA member.
FWA members train the peer trainer who is pulled from the population of training program graduates. We also employ a peer administrator who takes care of attendance, purchasing and distribution of materials and the graduation party. Our graduation is at a local restaurant where we have a dinner, present a few speeches and hand out certificates to the graduates.
Upcoming Event
To be announced.
Accomplishments/Highlights (2010-2011)
The program was instituted in 2004, and this year marks the 4th year with NEW and the second year with Grace Institute. Each year we identify a few initiatives to improve the program. This year, the initiatives covered the course materials and the depth of our teaching roster.
- Course Materials – We focused on improving the handouts and teaching guides for the benefits and investment sections of the program. The materials were updated to reflect any changes in regulations and market conditions.
- Teaching Roster – We are always looking for members who have an interest in teaching the classes, especially those with specializations in bankruptcy and tax. This year's successes were:
- o Introduction by one of our committee members to two new contacts with experience as bankruptcy lawyers to expand our roster on this topic.
- o Participation by five new Committee members in attending our classes and conducting a session.
- Other changes – During the past several years we offered a one-on-one financial planning session to each student who completed the program. However, last spring the Science, Industry and Business [SIBL] branch of the New York Public Library introduced its Financial Literacy Now program, which offers one-on-one consultations with a certified financial planner. Now we provide our students with literature about the program and instructions to sign up for an appointment and encourage them throughout the program to take advantage of this opportunity.
Some features of the program that make it ground-breaking are:
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FWA members conduct each session. Our membership of financial planners and specialists in insurance, taxes, investments and education make us uniquely qualified to share knowledge about financial skills. |
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Each session is taught, in part, by a peer trainer. This spokesperson provides valuable information and shares her experiences which empowers the group to attain success. A peer administrator handles the multitude of details that ensures each session runs smoothly. |
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The homework is available in English, Spanish and Chinese to reinforce the lessons of the week and make it easy to understand. |
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Students with particular legal, financial and tax problems are referred to an FWA expert for assistance in resolving the issue. |
Special Thanks
Our gratitude to our partners at Nontraditional Employment for Women and The Grace Institute, we could not do this without you. Thanks for recruiting such great women, giving us a place to teach, choosing terrific peer trainers and administrators, and welcoming us to your organizations. We have a phenomenal committee. Everyone has great intention and spirit and it is a joy to work together. |
