ProLiteracy, the largest adult literacy and basic education membership organization in the United States, has received support from American Express to develop a financial literacy education project aimed at assisting low-literate women with managing money.
The Women and Financial Literacy project will include updating ProLiteracy’s “Control Your Money” guidebook, creating an online collection of companion resources, and developing an interactive mobile application.
“In our 2014 Women and Financial Literacy white paper, we found that 57 percent of women with low literacy do not know what their credit score is,” says Kevin Morgan, president and CEO of ProLiteracy. “Yet our research showed that the overwhelming majority of these women desire to learn more about financial literacy and how to manage their money. The goal of this grant program is to provide women with the confidence they need to create personal or household budgets and to more actively participate in the management of their families’ finances.”
A pilot group of 10 ProLiteracy member programs serving an estimated 200 students will complete the facilitated financial literacy online courses and receive 200 "Control Your Money" guides and app downloads. Ultimately, these pilot efforts will help refine the project materials and resources so they can be shared with literacy providers nationwide. The Women and Financial literacy project will also be presented at the ProLiteracy National Conference on Adult Literacy in Charleston, SC, in October 2015.
“We’re grateful to American Express for this support, which will go a long way toward empowering low-literate women as earners, savers, and borrowers and help give them the knowledge and confidence they need to understand basic financial principles,” says Morgan. “We look forward to make positive strides toward improving the financial literacy education of women with low literacy.”