Tuesday, August 30, 2011

New Resource Center for Asset Building in Promise Neighborhoods

The Corporation for Enterprise Development (CFED) has launched the Promise Neighborhoods Resource Center – a website providing an array of resources for Promise Neighborhoods wishing to incorporate financial education into their framework. As Promise Neighborhoods strive to ensure that children are healthy and able to succeed in schools, CFED highlights the importance of financial education and building assets, such as bank account and good credit. According to CFED, providing children and families with an opportunity to accrue savings can dramatically impact their economic well-being. Children with college savings accounts, for example, are nearly twice as likely to be in college and are seven times more likely to attend and complete college than their peers who do not have an account.
The Promise Neighborhood Resource Center has various materials targeted to undeserved residents, including families and children. The information includes:
  • How to design and implement savings accounts programs for children and families, including designing programs that operate within schools
  • Links to materials, curricula and other resources designed to help communities provide financial education.
  • Case studies of financial education and savings account programs
  • Research highlighting the important link between financial education, asset-building and economic well-being

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