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Financial Literacy

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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 ... – PowerPoint PPT presentation

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Title: Financial Literacy


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 thats 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/free
    dominitiative/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, IDAs, 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/detailedi
    nfo.htm
  • Southern Indiana WIPA
  • http//www.iidc.indiana.edu/disabilitybenefitsandw
    ork/workincentivescoordinators.htm
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