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Financial Literacy

Financial Literacy. Welcome!. Asset Development and Financial Literacy. “Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for the long-term.” Michael Sherraden Center for Social Development.

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Financial Literacy

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  1. Financial Literacy Welcome!

  2. Asset Development and Financial Literacy “Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for the long-term.” Michael Sherraden Center for Social Development Sherraden, M. (2005). Inclusion in Asset Building.

  3. What is Financial Literacy? Financial Literacy is a large body of information about finances. One of the parts is Asset Development. Asset Development Financial Literacy is “having the knowledge, skills and confidence to make responsible financial decisions”. (Task Force on Financial Literacy, 2010

  4. Why is it import to know about Financial Literacy? • The average family spends $1.22 for every dollar it earns! • In 2003, the average American household owed $8,565 in credit cards, compared to $2,600 in 1989 –that’s a 329% increase! • In 2005, 2 million Americans filed for bankruptcy –the highest amount in history!

  5. Financial Literacy

  6. Economic Profile: People with Disabilities • According to the U.S. Census, there are • 50 million people in the U.S. living with a disability. • More than 34% of adults with disabilities live in households with total income of $15,000 or less. • 30% of working age adults with disabilities do not have a checking or savings account. Unbanked. • Only 10% of people with disabilities own homes compared to 71% of those without disabilities. • Less likely to have retirement accounts or own a home. • More likely to be asset poor. Sources: The White House, Executive Summary: Fulfilling America's Promise to Americans with Disabilities. (http://www.whitehouse.gov/news/freedominitiative/freedominitiative.html.) April 2001 and National Disability Institute

  7. Financial Literacy Includes: • Knowing how to use banks • Knowing how to pay your bills • Budgeting • Benefits management • Loans • Understanding the wise of credit • Knowing about payday loans • Using Credit Cards • Insurance • Smart Shopping • Etc…

  8. Financial Literacy Includes: Guardianship & Representative payee status Self -direction Mentoring, coaching Working & Earning Community integration A S S E T Opportunity to work & participate Asset Development -Home -Business -Voc/Ed Benefits Management -BIN -SSDI, SSI -Medicaid , Medicare HUD TANF, Food Stamps Etc… Stability Freedom, choice Savings, IDA’s, HUD, Trusts, IRA, etc…

  9. Who to contact about Financial Literacy Trainings • Contact your local Indiana United Way (317) 923-2377 • Contact your local Community Action Program (CAP) (317) 638.4232 or 1.800.382.9895 • Contact the local Purdue Extension office (765) 494-8491 • Contact the Indiana Housing and Community Development Authority (800) 872-0371

  10. Websites for Additional Information • National Disability Institute http://www.realeconomicimpact.org/ • Virginia Commonwealth University http://www.vcu-ntc.org/resources/cwicmanual.cfm • Social Security http://www.ssa.gov/disabilityresearch/wi/detailedinfo.htm • Southern Indiana WIPA http://www.iidc.indiana.edu/disabilitybenefitsandwork/workincentivescoordinators.htm

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