financial literacy 1 welcome!. asset development and financial literacy 2 “few people have ever...
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Financial Literacy
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Welcome!
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Asset Development and Financial Literacy
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“Few people have ever spent their way out of poverty. Those who escape do so through saving
and investing for the long-term.”
Michael SherradenCenter for Social Development
Sherraden, M. (2005). Inclusion in Asset Building.
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What is Financial Literacy?
Financial Literacy is a large body of information about finances. One of the parts is Asset Development.
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Asset Development
Financial Literacy is “having the knowledge, skills and confidence to make responsible financial decisions”. (Task Force on Financial Literacy, 2010
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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 –that’s a 329% increase!
In 2005, 2 million Americans filed for bankruptcy –the highest amount in history!
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Financial Literacy
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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/freedominitiative/freedominitiative.html.) April 2001 and National Disability Institute
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Financial Literacy Includes:
Knowing how to use banks
Knowing how to pay your bills
Budgeting
Benefits managementLoansUnderstanding the wise
of credit Knowing about payday
loansUsing Credit CardsInsurance Smart Shopping Etc…
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Benefits Management-BIN-SSDI, SSI-Medicaid , MedicareHUDTANF, Food StampsEtc…
Guardianship & Representative payee statusWorkin
g & Earning
Savings, IDA’s, HUD, Trusts, IRA, etc…
Financial Literacy Includes:
Asset Development-Home-Business-Voc/Ed
Community integration
Self -direction
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Freedom, choice
Stability
Opportunity to work & participate
Mentoring, coaching
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Who to contact about Financial Literacy Trainings
Contact your local Indiana United Way
(317) 923-2377Contact your local Community Action Program (CAP)
(317) 638.4232 or 1.800.382.9895 Contact the local Purdue Extension office
(765) 494-8491Contact the Indiana Housing and Community
Development Authority
(800) 872-0371
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Websites for Additional Information
• National Disability Institutehttp://www.realeconomicimpact.org/
• Virginia Commonwealth Universityhttp://www.vcu-ntc.org/resources/cwicmanual.cfm
• Social Security http://www.ssa.gov/disabilityresearch/wi/detailedinfo.htm
• Southern Indiana WIPAhttp://www.iidc.indiana.edu/disabilitybenefitsandwork/
workincentivescoordinators.htm