Designing Financial Literacy Programs for the Poor Might Change Your Life

Here’s how a financial professional began designing financial literacy programs for the poor.

Frank, a long-time professional in the field of finance would walk past homeless people on his way to work and wanted to help. Although he taught people about his financial products, he did not have any formal teaching experience and didn’t know where to begin in designing a financial literacy training for the poor.

Some quick research pulled up the National Financial Educators Council, which offered the information he needed to proceed. Handing out surveys at the local community center revealed that people who were struggling with money wanted to learn about how to manage their personal finances. Now he just had to fill that demand.

By definition, Frank’s target audience did not have much money and probably had even less knowledge of how to manage it and make good decisions with it. He wanted his students to walk out of these financial literacy programs for the poor with a working understanding of sound personal financial principles and the motivation to put them to use in their lives immediately.

Ideally, he wanted his students to be able to think strategically about their money but if they just got an understanding of the basic skills and concepts of basic money management, his financial literacy training for the poor would still be a success if they improved their behavior with money.

How to Deliver the Learning Material in Financial Literacy Programs for the Poor

Now that the learning goals were defined, Frank moved to the question of how to deliver the material. He wanted his students to have a structured learning experience with live classes at the community center. There would also be online resources but the main instruction would be delivered in the classroom. It would follow a timeline, with flexibility to stay on-pace with the students level of knowledge.

Frank’s target audience was poor, which meant it was a safe assumption that they needed a solid foundation of the basics of personal finance. Frank’s program would focus on the importance of saving and budgeting, while emphasizing the perils of debt and credit.

Focusing on just these topics would allow his students to reach the level of knowledge they needed about the basics.

Curriculum Design Decisions in Financial Literacy Programs for the Poor

Frank’s financial literacy training for the poor was aimed at adults of all ages, so it needed to allow the flexibility to highlight different things to the same class with students in different phases of life. It needed to be immediately applicable, with a focus on advantages of starting now, so the students would be motivated to take immediate action. Of course, it was also important that the financial literacy lesson plans for adults meet formal educational standards.

Frank had never taught a course before, and he needed a professional. He found a financial educator thru the NFEC that held their CFEI financial literacy certification. He was perfect for Frank’s class because he had been poor most of his life as a result of being financially illiterate. He had escaped the financial trap of being poor and his story would help motivate Frank’s class to do the same.

The Promising Results of Frank’s First Financial Literacy Training for the Poor

With the help of the local community center, 25 people signed up for Frank’s class and 19 finished the curriculum successfully. 75% completion was more than frank anticipated, and he felt great about the results.

He compiled the data and put together a report that showed the clear success of this financial literacy program for the poor. He planned to use the report to help garner support in other communities and acquire funding for expansion.