Financial Education as a Community Development tool

by Cassaundra Adler | Apr 03, 2013
| 1 Comment

Summary:

Far too often programs designed to assist low-to-moderate income households lack innovation, creativity, and sometimes inadvertently create barriers that prevent access to opportunity. My idea is Bank On Twin Cities. Bank On Twin Cities (BOTC) will be a collaborative, holistic initiative of community-based organizations, financial institutions, and local government to assist unbanked, low-to-moderate income, and traditionally underserved populations establish banking relationships and increase their financial capability. In order to rent a bike from Nice Ride you need a debit or credit card. Without a bank account you live off the grid, which means you have no credit score. In the 21st century, no credit history and no credit score means you virtually don’t exist and will pay exorbitant rates and fees for basic services.
The foundation of BOTC is comprehensive financial education. Education modules cover budgeting basics, establishing or rebuilding credit history, debt management, the essentials of account management, and so much more.
As participants successfully move through modules their financial confidence grows. This increase in financial capability, coupled with low-cost financial services and products, designed to meet the needs and demands of the consumer and their community, will ensure long-term financial success. Empowered consumers brimming with newfound confidence will maximize opportunities for asset building and economic stability.
Saint Paul is brimming with great community resources. By working together and reaching out to traditionally underserved populations to ensure they can keep more of what they earn will strengthen families, communities, and indeed help make Saint Paul the most livable city in America.

About You

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About You

First Name

Cassaundra

Last Name

Adler

City

County

Country

United States

Website (if you have one)

Names of others who helped contribute to my idea

How did you hear about the Forever Saint Paul Challenge?

Emails from friends

About Your Organization (if applicable)

Organization Name (if applicable)

Adler Consulting LLC

Organization Website

Organization Phone

Organization Address

City

Organization Country

United States

Your idea

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Title of your idea

Financial Education as a Community Development tool

Give us the highlights of your idea for making Saint Paul great (2,000 characters maximum or approx. 250 words)

Far too often programs designed to assist low-to-moderate income households lack innovation, creativity, and sometimes inadvertently create barriers that prevent access to opportunity. My idea is Bank On Twin Cities. Bank On Twin Cities (BOTC) will be a collaborative, holistic initiative of community-based organizations, financial institutions, and local government to assist unbanked, low-to-moderate income, and traditionally underserved populations establish banking relationships and increase their financial capability. In order to rent a bike from Nice Ride you need a debit or credit card. Without a bank account you live off the grid, which means you have no credit score. In the 21st century, no credit history and no credit score means you virtually don’t exist and will pay exorbitant rates and fees for basic services.
The foundation of BOTC is comprehensive financial education. Education modules cover budgeting basics, establishing or rebuilding credit history, debt management, the essentials of account management, and so much more.
As participants successfully move through modules their financial confidence grows. This increase in financial capability, coupled with low-cost financial services and products, designed to meet the needs and demands of the consumer and their community, will ensure long-term financial success. Empowered consumers brimming with newfound confidence will maximize opportunities for asset building and economic stability.
Saint Paul is brimming with great community resources. By working together and reaching out to traditionally underserved populations to ensure they can keep more of what they earn will strengthen families, communities, and indeed help make Saint Paul the most livable city in America.

Website address (if applicable)

Innovation

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What makes your idea different or unexpected? (4000 characters maximum or approx. 500 words)

Social programs often lack innovation and there is no program in existence in Saint Paul or the state of Minnesota. I've never been an in-the-box thinker, but I have participated in many programs designed to "help me" and there seemed to be little thought given to what it is that I needed. Smart, well-intended people design programs for "those people" and they never ask what "those people" need. That's why this program is different. It does, and will, take into account the needs, and wants of the population it serves.

Impact

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This Entry is about (Issues)

How will your idea make a difference in Saint Paul? (4000 characters maximum or approx. 500 words)

It will provide resources to traditionally underserved population and help them establish a foothold in their community. Working with other agencies doing great work in the community, BOTC will be the spackle to help patch the holes and gaps in services. Individuals, children, families, and communities will all be positively affected when we help move folk from survival mode to a more stable existence.

Sustainability

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Why do you think people will recognize or remember your idea after it comes to life? How might it inspire others to do something similar in their community? (4000 characters maximum or approx. 500 words)

The impact will be seen and felt in the community. Others will wonder why didn't we think to do this earlier, it seems so sensible. Nothing succeeds like success. Many people are afraid to try anything new for fear of failing. That's what innovation is -- trying something new. After the program is launched, perhaps others will feel free to come out of the closet with their own ideas. I want Bank On Twin Cities to be a model program that is freely shared and replicated.

bhjhgj hgjjg said: Education is very important. It will help a lot of people to become more skillful in the future. - YORHealth about this Competition Entry. - 2625 days ago read more >

Cassaundra Adler updated this Competition Entry. - 2847 days ago

Cassaundra Adler submitted this idea. - 2847 days ago