In June 2011, the Federal Deposit Insurance Corporation (FDIC) sponsored the second National Survey of Unbanked and Underbanked Households to collect data for the number of U.S. households that are unbanked or underbanked, including their demographic characteristics, and the reasons for their financial state.
The study showed that in this area, women lack self-confidence in financial literacy, ranking lower compared to their male counterparts. Women make decisions differently than men when it comes to financial management; women also have different needs than men, therefore financial literacy programs designed specifically for women must focus on their unique needs.
In Illinois alone, more than 40% of households do not have an interest bearing checking, savings or money market account, and about 15% have zero or negative net worth, which means they have no personal safety net, according to Heartland Alliance. And we know for a fact that this problem is prevalent not only in the US, but also in developing and underdeveloped countries in the world, accounting for most of their citizens to live in poverty and financial inadequacy.
Such predicament prompted us to establish Foundation of HOPE, Inc., with the aim of assisting and raising awareness among low-income, banked and underbanked families and citizens, to empower and enhance their skills to better manage their assets and finances. We believe that by raising consciousness about proper resource management beginning in the household, we will be able to rise up together and become a stronger community.
With the end goal of enabling the optimal use of the already scarce resource pool, Foundation of HOPE, Inc., works with women, youth, and young adults to integrate social control as well as civic and economic responsibility in the knowledge and system base of every individual.
We offer an array of financial literacy workshops that help participants build assets and work toward a financial goal.
We concentrate our efforts on group sessions as we collaborate with other agencies and nonprofit organizations that cater to women, youth and young adults.
We seek your support in this rare and essential opportunity, as we advocate and promote financial literacy, management and responsibility. You may call us at 866-835-HOPE (4673) for more information and assistance. Should you want to get involved, please consider becoming a Volunteer.
Feeling philanthropic? It may be a speck of a dust, but as Ray Haring’s book title puts it: “The Smallest Things Make The Biggest Difference.”
To plant a seed of HOPE, please head over to our Donation page. We appreciate your support in any viable way.