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Building Blocks to Financial Success

Building Blocks to Financial Success. Financial Management Training for Low Income Families 2006 Assets Learning Conference – Phoenix, AZ . Women’s Opportunities Resource Center. Self Employment Training Micro-enterprise lending 3 IDA programs: PA Family Savings Account (FSA)

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Building Blocks to Financial Success

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  1. Building Blocks to Financial Success Financial Management Training for Low Income Families 2006 Assets Learning Conference – Phoenix, AZ

  2. Women’s Opportunities Resource Center • Self Employment Training • Micro-enterprise lending • 3 IDA programs: • PA Family Savings Account (FSA) • Office of Refugee Resettlement (ORR) IDA • Philadelphia Housing Authority (PHA) IDA

  3. IDA program results • Over 630 graduates • saved $1.2 million • matched $1 million • leveraged with • $1.5 million in grants and other resources • $12.7 million in mortgages and loans

  4. Building Blocks to Financial Success • Online financial management training program, live since 2003 • Selected for inclusion on the American Express and National Endowment for Financial Education's (NEFE) Economic Independence Clearinghouse (www.nefe.org) • Awarded the Association for Enterprise Opportunity (AEO) 2005 Innovation in Technology Award

  5. Building Blocks • Seven chapters focusing on self-sufficiency and asset development: • Savings and Money Management • Debt Management and Credit Repair • Banking Products and Services • Loan and Grant Options • Taxes • Investments • Insurance

  6. Funding and Support • U.S. Dept. of Commerce’s Technologies Opportunities Program • PA Dept. of Community & Economic Development • Ongoing support from local bank partners (PNC Bank), the Philadelphia Foundation • Agency and individual fees • Created in partnership with Cinemagic, a media technology & design company

  7. Building Blocks’ Scope • Over 600 registered • Partnered with more than 10 agencies nationwide: • Action Housing, Pittsburgh • Impact Services, Philadelphia • South Oregon Goodwill, Medford, OR • Beans and Rice, VA • Faith in the City, MN • Mile High United Way, Denver, CO

  8. DEMO

  9. Online IDA:Doorways to Dreams • Partnership to offer an all online IDA program • 20 participants in our refugee and state IDA programs • Online banking and online classes

  10. 2005 Evaluation Findings • 80% of respondents said they chose online classes because of the convenience and flexibility of taking classes when and where they wanted. • Almost 90% of respondents reported applying knowledge or skills learned in the courses to their personal life. • Most respondents believed it improved their computer skills/knowledge • Two-thirds of respondents used a computer at home

  11. User quotes • I learned how to budget better, how important it is to have good credit, and to leave those fast cash companies alone. • My time is valuable. I have kids at home and I work full-time. I wanted to take every course that was offered, and I could only do that if I could take them on my schedule. • I have a 401K at work…I have always put some money into it, but now I save more because I see that it is a great way to make money. • With these courses I got the experience I needed to be ready for additional online education.

  12. Building Blocks: Next Steps • New platform • ADA compliant • Enhanced client tracking capability • Customized versions • Other languages (Spanish, Russian, Indonesian) • New curricula for other sectors (workforce development agencies, housing counseling agencies, or employers) • More admin control and efficiency • Built-in evaluations

  13. Thank you! Marcia Leithauser Women’s Opportunities Resource Center 2010 Chestnut Street Philadelphia, PA 19103 215-564-5500 x216 mleithauser@worc-pa.com

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