We are excited to announce that we received a grant from the Allstate Foundation to begin offering Financial Literacy courses to our clients. We are offering a financial literacy course in English and Spanish. With five learning modules, clients learn how to become financially independent and helps them escape their abusers.
These courses will only be offered to current clients of YWCA Monterey County to help them learn to make educated financial decisions and long-term goals that will contribute to their financial independence. This course is vital to help our clients reach personal and financial independence. According to the National Network to End Domestic Violence 2014 case study, financial abuse occurs in 99% of domestic violence cases. In addition, 78% of Americans experience financial abuse as a form of domestic violence
Due to the pandemic, the Financial Literacy Course designed by The Allstate Foundation will be offered online and will have five interactive, self-paced modules:
1. Understanding Financial Abuse – Keeping Safe and Starting Over
Focusing on helping clients understand the dynamics of financial abuse, they learn the red flags and what to do if you are being financially abused. Through this module they will gain information about assets and liabilities, as well as different types of orders and protections.
2. Learning Financial Fundamentals
This module focuses on helping clients understand financial management, budgeting and saving, assets and liabilities, and banking options. While helping our clients self-identify whether they have been subject to financial abuse, it is equally important to empower them. By making long-term good financial choices, they continue with healthy spending patterns. This lesson helps clients make focused financial goals and what actions to take to meet those financial goals.
3. Mastering Credit Basics
The key topics focus on reviewing the client’s credit report to understand their credit score. It teaches how to improve their credit score, and understanding bankruptcy. It delves into the topic of public records, bankruptcy, social security, all factors that contribute to overall credit score. This portion of the Financial Literacy Course is imperative to help clients reach full independence. Since many victims of financial abuse face damage to their overall credit score, it’s imperative to learn. Knowledge of credit scores and how to improve credit scores will help clients gain financil independnce. By participating in this course, they will know how to apply and get approved to rent their own apartment, apply for a mortgage, apply for auto loans, and more that will contribute to their overall independence.
4. Building Financial Foundations
Some of the topics under this module focuses on financial paperwork, loan options, housing options, home ownership, and helps explain the mortgage application process. This module helps build personal and financial independence by reviewing subjects, such as, health records, monthly expenses, property documents, credit card loans, student loans, and more.
5. Long-Term Planning
The last module of the Financial Literacy Curriculum covers key topics, such as, saving strategies, investment options, insurance overview, education opportunities, and education finances. This module reviews and address common questions about long-term planning, such as:
- How long will my retirement last?
- How much will a dollar be worth?
- What are savings bonds?
By working with survivors of domestic violence, we understand the intersectionality of their identity, their needs, and the tools to succeed. We are elated to begin this new program for our clients. We hope you join us in our excitement as we make a difference in our communities.
If you believe our values are in line with yours, please consider donating to YWCA-MC.