A Success Story from Patricia Gorman, ISU extension
December 31, 2005
With Financial Education, the teachable moment often comes at a time of crisis, but often the educational resources are not available immediately. Community agencies and organizations that provide crisis assistance see this need almost on a daily basis but do not have the staff expertise nor the funding to provide this type of financial education on their own. Wouldn’t it be nice to have quality, on-going free financial education available for everyone in the community?
The Financial Education Committee of Opportunity Works was established in the spring of 2004. This collaborative group of over 20 Black Hawk County agencies, organizations and non-profit companies headed by Iowa State University Extension developed the C.A.S.H. – Creating Assets for Success and Happiness course. The CASH course is taught by volunteers from the collaborative and is provided free of charge to the community at the YWCA. Free child care, transportation, refreshments and translation is provided to help break down the barriers often associated with the inability of low-income families to access educational opportunities. The classes are taught every Tuesday in a monthly four-part series – the first Tuesday is Money Management; the second Tuesday is Credit; the third Tuesday is Identity Theft; and the last Tuesday is Housing Issues. If there is a fifth Tuesday in the month, classes on financial accounts, energy or EITC have been conducted. If participants complete all four classes, they receive financial incentives that can include $10 gas cards, one-on-one financial counseling, Stork’s Nest points, Habitat for Humanity Sweat Equity Hours, a PowerPay analysis, a box of food from the NE Iowa Food Bank, or financial education resources. Grants from Opportunity Works and John Deere Community Credit Union (now Veridian Credit Union) have provided the funding for these classes and incentives.
As of the end of December, 2005, 84 individuals have participated in the CASH course. In November, 2005 an evaluative survey was sent out to 46 participants and of the 12 returned so far, each respondent has completed at least one financial task (obtained a copy of their credit report, developed a spending plan) AND changed one financial behavior (paying more than the minimum due on credit cards, taken specific steps to prevent Identity Theft). The success of the CASH class has also provided the springboard to expanding the class to the surrounding rural communities of Grundy Center and Independence through the Operation Threshold “Family Nest” program. The CASH class is also in the process of applying for Bankruptcy Education status.
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