April is National Financial Literacy Month and a reminder to all of us of just how important financial literacy is in the United States. Teaching financial literacy to every newly arriving refugee family member is a crucial part of resettlement process.
Financial literacy should cover, at minimum, physical money, checks, debit and credit cards, loans (including the travel loan, if appropriate), how to open and operate bank accounts, how to read a paycheck, taxes, and personal budgeting.
In order to give your clients a 360 degree education of the US financial system, Higher recommends partnering with a local financial institution or nonprofit organization to help educate your clients with an in-depth look at financial literacy. Another recommendation is that financial literacy should be taught as a separate breakout session in job readiness classes.
For more resources on teaching financial literacy:
- Cultural Orientation Resource Exchange (CORE) has a Budgeting and Personal Finance chapter with three sessions covering budgeting, personal finance, banks, and paychecks.
- The Internal Revenue Service (IRS) offers several tax-related online activities and tutorials, as well as a database of free tax preparation services.
- The Financial Literacy & Education Commission also provides resources on financial literacy.
- Higher’s Online Learning Institute, which provides courses on Understanding Your Paycheck and Income Taxes. Also, check out Higher’s blog articles on Identity Theft and 5 Ways to Build Credit History
What are you doing to teach financial literacy to clients? Share with us at firstname.lastname@example.org!