In Brief: Lasting Change is a financial literacy program which is specifically geared toward unbanked, low-income individuals who rely upon community organizations to supplement their basic needs. Lasting Change utilizes a holistic asset building approach by combining mentors, facilitation-based workshops, peer support groups, and banking incentives. By discussing underlying belief systems and attitudes about money, participants will be more likely to make the necessary changes to escape poverty.
Workshops: Volunteers facilitate the class, using a curriculum developed by the National Endowment for Financial Education (NEFE) entitled Making Money Work! This is an experiential program designed to encourage group participation. It consists of six modules and is taught over a six-week period. These workshops exist to build mental resources.
Asset Mentors: Community volunteers act as ‘asset mentors’ and facilitate discussion groups during the workshops. The purpose of the mentorship is to offer individualized attention to address the specific needs of participants. Mentors are aware of various community resources and supply participants with helpful, relevant information. These mentors exist to provide social capital and role modeling resources.
Banking Incentives: If participants attend all six sessions and complete the supplemental homework, they will be eligible for a banking incentive. Successful graduates will be offered $25 to open a savings account. Participants also receive $5 for every class they attend (up to $25). In total, participants can receive up to $50. These incentives exist to provide financial resources.
When, Where, and How: Lasting Change is a six-week course offered periodically throughout the year. Class size is limited to 20.