There are several GREAT financial literacy programs to help people manage their money. However, most of these programs were designed for people who have money. Many people are unaware of the cultural differences, mindset, and language of those living on disability, welfare or minimum wage. Often, those with low incomes are in survival mode, wondering how they are going to feed their family and pay their rent.
To help these people, it is important to be aware of the differences and provide training and support to meet the challenges that low-income people are faced with on a daily basis.For example, in the middle income world, budget worksheets discuss “vacations,” “dry cleaning,” and “babysitting” as an expense (not an income). Even the word “debt” is not typically used by low-income people because the word debt implies having a credit card. Low-income people typically owe money to pay day loans, friends or family, student loans, etc. The image on this page uses words like “retirement,” “estate,” and “financial.” These words are represent middle and high-income. Typically the word financial is not part of the everyday language used among low-income people. They talk about their “money.”
The Money & ME curriculum addresses “debt” as “money owed” and helps participants develop a plan to pay off ALL the places and people they owe money. It also helps with basic life skills, organizing techniques, and self discipline. All of these simple and practical strategies lead to success.
