People Involved
Who FLF Serves
Overview
FLF has three main programs to reach young adults in the Washington, D.C. area: The Financial Literacy Partnership Program, the Financial Literacy D.C. Outreach, and the Financial Literacy for Youth (FLY) Program. All three avenues result in financial literacy aimed at young adults, but the models vary in depth, teaching styles, and curricular focus. The Outreach model consists of one-time workshops on a specific subject, while the FLY Program and Partnership Project consists of courses that range in length from 18 weeks to nine months.
Financial Literacy Partnership Project
Through its Partnership Project, FLF teams up with training programs to help young adults transition into careers by offering financial education seminars. Because students in these programs are young adults, FLF teaches them how to manage their own money, improve their credit scores, search for better ways to invest their money, educate them about homeownership and asset building, and review their spending, credit improvement, and other financial decisions each week. Over several months of repetition, students improve their financial situations and build responsible personal management habits that will last a lifetime.
Financial Literacy D.C. Outreach
The Financial Literacy D.C. Outreach was created after several community groups and nonprofits contacted FLF to take part in financial education workshops and fairs. Youth Now! operates in Southeast D.C. and strives to education residents about a wide range of issues. FLF has partnered with Youth Now! to host workshops on credit and saving. The Capital Area Asset Builders has also tapped FLF to teach financial literacy workshops and classes to D.C. youth.
Financial Literacy for Youth (FLY) Program
Through FLF’s Financial Literacy for Youth (FLY) Program, FLF works with public and public charter high schools to bring financial education to DC teenagers. FLF’s Financial Management elective courses are currently offered in six Washington, DC high schools. Because the course is an elective, students receive 45-60 hours of in-depth financial education during the school day and receive course credit. By taking the Financial Management course, students learn valuable life skills to help them make informed financial decisions.
D.C. schools are not required to teach financial education, so most student graduate without learning key financial concepts including interest, taxation, and budgeting. Students in FLF classes often express disdain for lending institutions and vow never to open a bank account or own a credit card. FLF empowers students to overcome their fear of being taken advantage of by teaching them how to navigate banking rules and understand borrowing terms. Students learn how to make financial systems work for them and build the foundation to make educated financial decisions as they move on to college and careers.
Beyond D.C. high schools, FLF works with other programs that serve D.C. teenagers and young adults. Recently, FLF joined forces with Year Up to integrate financial literacy into the career preparation for Year Up students. Year Up students maintain a financial management portfolio documenting the students’ changes in credit scores, budget to actual spending, and savings. Students also maintain a weekly list of goals and actions taken to meet those goals. Year Up students have expressed excitement about improving their financial situations during the class and learning skills to manage their finances into the future.