Michigan

1
Michigans Building Your Financial Future Program

• Aimee Sterk, MSW, Program Manager,
• Michigan Disability Rights Coalition
• [phone]
• aimee_at_prosynergy.org
• Adeline Metzler, EVP,
• Option 1 Credit Union
• [phone]
• adeline.metzler_at_fhcu.org
• Leah March, Loan Fund Manager
• UCP of Michigan
• [phone]
• march_at_ucpmichigan.org

2
The Partners

• Option 1 Credit Union (formerly Financial Health
  Credit Union)
• Michigan Disability Rights Coalition
• United Cerebral Palsy of Michigan
• 10 sites around the State of Michigan
• Michigan State University Extension

3
The Model

• AT Loan Fund Program Component
• Now in second year of the program
• First year focused on English-Speaking adults
  with disabilities only
• Grant from National Credit Union Foundation
• The Executive Summary from the successful grant
  application for this year is in your packet
• Train-the-trainer focus at state level with
  implementation at local levels
• Contract with local sites around the state that
  provide the training to people with disabilities
  in their area

4
The Model Continued

• Local sites (mostly CILs and AT Loan Fund sites)
  choose two of three possible populations to
  teach
• Adults with disabilities
• Spanish-speaking adults with disabilities
• Youth with disabilities (includes a Reality Store
  component)
• Local sites apply to participate
• The application information is in your packet

5
Relationship to the Loan Funds

• Grew out of a need identified by the loan
  committee
• All loan fund applicants receive a flyer about
  the classes
• Loan fund applicants that are denied due to
  credit are informed of the classes
• Class attendees receive flyers about the loan
  funds
• Loan fund website links to information about
  Building Your Financial Future

6
The CurriculumAdults

• Money Smart Curriculum from the FDIC as adapted
  by credit unions (free for the public to use)
• Our revised version of the curriculum in the
  accessible format to which we converted it
  http//www.prosynergy.org/ncuf/index.htm
• This is also available in Spanish and several
  other languages

7
The CurriculumAdults Topics Covered

• Financial Service Institutions
• Credit Unions
• Banks
• Check Cashing Services
• Types of Loans
• Checking Accounts
• Budgeting

• Savings
• Keeping financial information safe and identity
  theft
• Credit Reports and basics of repair
• Credit Cards and credit scams
• Homeownership

8
The CurriculumYouth

• National Endowment for Financial Education High
  School Financial Planning Program (free for the
  public to use)
• http//www.nefe.org/hsfppportal/index.html
• This site and curriculum has not been made into
  an accessible format

9
The CurriculumYouthTopics Covered

• Financial Planning
• Needs vs. wants
• Goals
• Careers
• Education and training pays
• Budgeting
• Pay Yourself First
• Paychecks
• Checking Accounts
• Saving Investments
• The benefits of starting to save early
• Evaluating investments

• Credit Managing Debt
• Managing credit
• Evaluating credit offers and loans and the
  long-term costs
• Risk Insurance
• Health
• Auto
• Life
• Disability
• Property

10
Other Training Topics Included in BYFF

• Additional financial information specific to
  People with Disabilities
• Loan Fund specifics
• Medical Bills
• Employment Benefits
• These Tip Sheets are in your packet
• Financial Assistive Technology
• Talking calculators, bill paying software,
  ergonomic pens, budgeting items
• A list of some of these items is in your packet

11
Other Training TopicsReality Store for Youth

• Students envision what their lives will be like
  when they're in their mid-20s--what job they will
  have, if they might be single or married, etc. 
• They are given a "checkbook" with a deposit equal
  to one month's salary in their chosen field.
  Students then visit booths, staffed by local
  community members, at which they pay their
  monthly bills.
• The Reality Store has proven an effective
  teaching tool in communities around the country
  and offers an excellent opportunity for
  collaboration with local businesses and
  organizations.
• Credit union personnel can staff the booth in
  which students open a checking account, local
  grocery stores can sponsor and staff the food
  booth, etc. There are also booths for things like
  housing, utilities, transportation, child care,
  health and dental care, utilities, personal care,
  entertainment, insurance.
• Participants and volunteers all benefit from the
  experience. In the past, volunteers have
  commented that participating in the Reality Store
  was one of the most rewarding things they had
  done that year.

12
Reality Store

• Purchase this curriculum from the Business and
  Professional Womens Organization in your state
• www.bpwusa.org

13
Results from Year 1

• During the first year, Building Your Financial
  Future, the financial education component of the
  Assistive Technology and Telework Loan Funds,
  achieved some excellent outcomes including
• 30 trainers were certified as Money Smart
  educators.
• 910 people participated in Building Your
  Financial Future seminars across the state.
• The 16 partner organizations held trainings
  at more than 46 locations throughout the state
• Over 500 DVDs were distributed to credit unions,
  intermediate school districts, libraries,
  television stations, and social service
  organizations around Michigan.
• 93.6 of participants surveyed agreed or strongly
  agreed that the training was useful for them in
  their life.

14
Students are seeing immediate savings after
participating in Building Your Financial Future

• After day one, I went home and went over my
  expenses and cut over 100 from my budget using
  the tips I learned from class!
• I was going to go out and get furniture from the
  Rent to Own place this evening for my new
  apartment--Im glad we covered this topic today!
• The most useful things I have learned, 1. How
  to save money on a daily basis. 2. Teach our
  children how to spend money 3. Always have
  something in my saving account. (refugee)

15
Participants gained resolve after Building Your
Financial Future (BYFF)

• "Now I'm trying harder not to spend money on an
  impulse." 
• Building Your Financial Future made me think
  about money more positively and that I can manage
  my money.
• Hopefully, I can follow a budget and improve my
  credit rating.
• I have bad credit and now I know what to do
  about it.

16
Participants are changing the way they handle
their finances in concrete ways

• I am going to read credit card statements more
  carefully and purchase a car with more knowledge
  of questions to ask about the loan and finances.
•  Because of Building Your Financial Future
  I'll be able to decide for myself if the loan is
  worth it or too much interest will be paid.
• Now that I have learned through Building Your
  Financial Future I will read my credit card
  statements. I will try to live within my means. I
  won't put things I'm mailing out into a
  residential mailbox. I will see if I can
  renegotiate my car loan.
• I plan to start working with a monthly budget,
  and to start saving money every month.

17
Expected Results from Year 2
If you would like a copy of the Knowledge is
Power DVD, email Adeline Metzler
18
Lessons Learned

• People with disabilities of all ages are in need
  of financial literacy opportunities.
• This need appears to be increasing with the
  continued problems with Michigans economy.
• It is sometimes difficult for people to begin to
  address their finances.
• Outreach efforts need to be fine-tuned based on
  the community.
• The curriculums offered are valued by the
  participants.
• Parents are not teaching these skills to their
  children.
• Local partners who did not have strong ties with
  the Latino/a community experienced rocky
  relationship building.
• Staff members at financial institutions need
  diversity training related to people with
  disabilities, but when offered, often welcome it.
• Broad-based partnerships can produce exciting and
  rewarding results.

19
Contact us

• We are excited about the success of our program
  and would love to help you get something started
  in your state. Feel free to contact us
• Aimee Sterk, MSW, Program Manager,
• Michigan Disability Rights Coalition
• [phone]
• aimee_at_prosynergy.org
• Adeline Metzler, EVP,
• Option 1 Credit Union
• [phone]
• adeline.metzler_at_fhcu.org
• Leah March, Loan Fund Manager
• UCP of Michigan
• [phone]
• march_at_ucpmichigan.org