Low-income women struggle with a lot of things—childcare, bills, debt, employment…and they often battle them alone. Is there an effective way to help them make sound financial decisions? Our research shows, if these women can escape poverty, their families and communities will be stronger and happier.
Over the past year, our donors including people just like you, helped Budget Buddies, Inc., create three educational programs on financial literacy for women and girls. But did they actually work? How can you measure such a program’s success?
Well, the statistical results are pretty impressive.
Budge Buddies’ three programs positively impacted 28 women and girls from Lawrence, North Andover, and Methuen and the results demonstrate the above-and-beyond achievement of the programs’ overall goals.
“Each of the three programs combined 12 instructional workshops with six months of one-to-one mentoring by volunteer coaches. The curriculum was designed to 1) build basic skills in budgeting, banking, and credit, 2) encourage participants to use those skills for positive financial outcomes, and 3) build the self esteem needed to continue those behaviors after our program ended.”
The results really speak for themselves…
- Graduation rate: 100%
- Have a bank account: 92% - 100%
- Routinely put money into savings: 63% - 89%
- Typically pay bills on time: 88% - 100%
- Feel they can manage debt effectively: 75% - 100%
- Feel confident they can make a budget: 100%
- Feel generally confident about their finances: 88% - 100%
As the numbers show, volunteer coaches are buddied up with program participants to support the development of their fiscal skills in a welcoming, supportive environment. All participants graduate each program with the knowledge, experience and confidence to successfully manage their finances. These women develop higher levels of self-motivation and lasting, interpersonal relationships—with friends who really care for their well-being.