Building Blocks to Financial Success

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Building Blocks to Financial Success

• Financial Management Training for Low Income
  Families
• 2006 Assets Learning Conference Phoenix, AZ

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Womens 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

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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

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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

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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

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Funding and Support

• U.S. Dept. of Commerces 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

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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

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DEMO
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Online IDADoorways to Dreams

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

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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

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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 workI 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.

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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

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Thank you!

• Marcia Leithauser
• Womens Opportunities Resource Center
• 2010 Chestnut Street
• Philadelphia, PA 19103
• 215-564-5500 x216
• mleithauser_at_worc-pa.com