The Financial Hope Collaborative and its Financial Success Program, housed at the Heider College of Business, have been instrumental in helping many low to moderate income (LMI) families in the Omaha metropolitan area find financial stability.
The Financial Hope Collaborative was started when United Way of the Midlands created the Financial Stability Partnership in 2006. The Financial Success Program began in 2009 and has an 86% retention rate—one of the highest retention rates in the country for a financial education program.
The program’s curriculum helps LMI families address immediate financial issues and develop decision making skills in areas, such as:
- Tracking expenses
- Saving for emergencies
- Repairing credit reports
This year-long program provides ongoing financial coaching and assists participants in developing personal and easy-to-use money management systems.
For more information, contact financialConfidence [at] creighton [dot] edu (subject: Financial%20Success%20Program%20-%20More%20Info) (Tamicka) at 402-280-3637 or email financialConfidence [at] creighton [dot] edu.
Financial Success Program Course Outline:
Students receive an overview of the Financial Success Program. Students commit to the one-year or six-month process depending on curriculum track. All participants fill out an application and take an online pre-test prior to beginning the class.
Psychology of Money
Understanding the “how” and the “why” behind our spending patterns is key to making behavioral changes. A group exercise helps reinforce this classroom lesson.
Students are given tools to begin tracking expenses. Tracking expenses is vital to setting financial goals.
The truth about predatory lending is exposed. Alternative loan methods are shared, and the students begin to realize the value of good credit.
Students receive a copy of their credit report and score. They will learn how to read their report, ways to raise their scores, and how to dispute any errors.
Representatives from the local utility companies teach students how to read their bills, company policies, share energy saving tips, and help students sign up for the level payment plan.
Understanding Insurance & Retirement
Students gain a better understanding of the importance of having a retirement income and insurance for auto, life, health, and home or rental.
Ways to Save
Students receive practical advice on ways to save on groceries, clothes shopping, paying down debt, future needs, and retirement.
Students are introduced to S.M.A.R.T. goals and prepared for setting realistic, measurable objectives. They spend class time reviewing the goals they would like to address. Then, students meet monthly for the next year with an assigned financial coach that works with them on ways to improve their finances while working towards their S.M.A.R.T goals.
The students are presented with available financial products that are now available because they have completed the course, such as Debt Consolidation Loans, Save to Win, and Bank on the Heartland.
A year of individual financial coaching begins the month following a student’s FSP graduation.