2008 TWF Community Grant Awards
Financial Literacy: Teaching Women and Girls to Fish
The Women’s Fund of Greater Birmingham and its corporate grant partners - Corporate Realty Associates; NSRW, Inc.; Regions Financial Corporation; and Vulcan Materials Company Foundation (universal sponsor) - are awarding $62,650 in grants to area programs that provide financial education to girls and women.
The Women’s Fund, a component fund of The Community Foundation of Greater Birmingham, recognizes that girls and women are disproportionately affected by poverty throughout their lives. Learning to manage one’s finances, regardless of income, is essential for all girls and women because:
- Women in Alabama earn 67¢ for every dollar men earn.
- Women live roughly 7 years longer than men; 75% of all women are widowed at an average age of 56 years and so need to save 20% more for retirement.
- On average women earn 25% less than men:
- Women work outside the home about 11 years less than men due to raising their children or taking care of elderly parents.
- Women’s Social Security benefits are about half the amount that men accumulate over their working lives.
- 78% of men are covered by pension plans; 47% of women are covered by a pension plan.
Grant awards go to the following organizations and programs:
Birmingham Homeownership Center (Birmingham Center for Affordable Housing) $10,000 with assistance from NSRW, Inc., for first time homebuyer workshops, financial literacy classes, and one-on-one counseling. This grant will allow the Center to continue educating, training and empowering women and their families by giving them the skills to plan their financial futures and achieve the dream of homeownership.
Center for Families (Family Guidance Center) $7,500, so that women can participate in small groups using the proven Money Smart curriculum. Clients will also be given the opportunity to work one-on-one with a family financial advocate to address their specific financial needs.
Cornerstone School of Alabama $8,650 with assistance from Corporate Realty Associates, so that Cornerstone can partner with Impact Family Counseling and Gateway to provide the Girl’s Club students and their parents with financial management and decision-making instruction and skill-building opportunities.
Girls, Inc. $10,000, with assistance from Regions Financial Corporation
Girls Incorporated of Central Alabama proposes to continue Smart Girls Are Money Wise!, an economic literacy program designed to enhance girls’ financial competence and confidence. Through hands-on, positive learning experiences, girls will gain relevant knowledge of a variety of financial concepts as well as explore future career options.
Leading Edge Institute $2,500, with assistance from NSRW, Inc., to provide financial literacy education to Leading Edge participants and alumni, including education about savings and how to avoid predatory lending. Many participants are first generation college students who borrow money to pay for their college studies.
Lifeline Village $4,000, to teach financial literacy utilizing the Financial Peace University curriculum. It will be taught in small groups and also used in individual counseling with the clients
Need A Chance, Inc. $8,000 to collaborate with Greater Birmingham Ministries to provide financial literacy programs and follow-up case management. The Need A Chance program is called JIFFY, Journey into Financial Freedom for You and the GBM program is Women as Strength.
Oasis Counseling Center $1,000 to support a financial literacy workshop as part of the Financial Help & Hope program. This interactive, hands-on workshop will use the Money Smart curriculum and be offered to Oasis’ clients and the public, as well as their families.
Olivia’s House $1,000, to purchase materials to begin teaching financial literacy education as part of their curriculum.
Pathways $10,000, with assistance from Corporate Realty Associates and Regions Financial Corporation, in order to continue a partnership with the North Alabama Chapter of the Financial Planners Association to provide a six-week financial literacy program for women and children in its shelters and transitional housing. In addition to expanding the number of women and children served, Pathways plans to add a savings component to the program.
