YouthSource Financial Literacy Workshops by FSC Career Coach Noel Lopez
Most financial experts agree that stimulating financial conversations with children is directly related to raising financially savvy children. Although, we all know parental wisdom has stood the test of time, it takes a bit more effort to teach children sound financial management. This is why All Peoples FamilySource Center’s mission is to help support, expose, and properly equip adults and their children to achieve financial stability and happiness.
In collaboration with All Peoples’ FamilySource and YouthSource centers, a workshop was created to deliver financial literacy workshops catering to South Los Angeles Youth. The workshop was designed to enhance financial wellness by preparing students on proper financial management. In the month of March, students were given a two-day financial literacy workshop targeting the following financial topics: basic budgeting, understanding credit reports, the do’s and don’ts of credit card usage, credit monitoring apps, identity theft protection, consumer’s rights and protection, investing in stocks, among other financial subjects.
Additionally, students were encouraged to engage in financial literacy exercises on budgeting, savings, and credit cards. The workshop concluded with fifteen enrolled youth who graduated and received a certificate of completion from the program. Eligible youth were given the opportunity to sign-up for the SaverLife program (an online program that rewards individuals for consistently saving at least $20 each month. The program lasts for 6 months and you can earn a maximum of $60.) Thus, prompting saving habits among the youth. Lastly, the youth were given the opportunity to provide feedback on the workshops:
“After the Financial Literacy Workshop, I learned about a FICO score. Keeping your FICO score above 750 is good because it demonstrates your responsibility. Also, I learned about identity theft. This definitely applies to me because it can happen to anyone. In order to protect my identity I should protect my debit card numbers, passwords, and most importantly my social security number. Lastly, we also covered the importance of savings and investing. Savings has always been a challenge for me, but a saving account will be very useful for the goals I have set for myself. I learned that when investing there’s a slight difference when it comes to being federally insured.” – Dania Domingo
“In the Financial Literacy Workshop I first learned about credit. I learned about the benefits of credit like having good credit versus the disadvantages of having bad credit. I learned about the FICO credit score and how having a high credit score looks good on you and that you’re reliable. I also learned about bankruptcy and why and how it happens. I also learned about our checking and savings account and how to manage our money in each one. I learned about how we should save and invest for the future like having 10% go into our savings account. I also learned how Banks use the money and how we get some back. I also learned about the risks of stocks, bonds, and mutual funds. Noel taught us about identity theft and how to be careful sharing our information and where we use our credit cards and stuff. Overall I learned about money and how I should use it wisely.” – Enrique Marroquin
“In the Financial Literacy Workshop, I learned many beneficial things that I know will help me very soon. One of the very first things I learned was about credit. I learned how to get good credit, what is considered good credit and how to maintain a good credit score. I learned about the FICO credit score and how it potentially affects your liability. Something I found very helpful was the website that lets me check my credit score without it going down. Another thing that I learned was the difference between a checking account and a savings account. I learned how to manage each account and the benefits of having each account. Something that I found very interesting was that there are more banks then what we know about and the ones that are not heard of very often are the ones that give back more. Another topic I was interested in was the identity theft because of the website that was hacked and had the peoples information everywhere. I learned how serious this can be and that I have to be very careful when giving out of information. Overall the workshop really helped me realize that it’s time to learn how to manage my money wisely” – Ariadna Martinez
About our YouthSource Center:
All Peoples Community Center is a proud partner of the new Vernon-Central Network YouthSource Center and will now be offering new Youth Services at the Center. For more info on Youth Programs offered, please contact (213) 747-6357 Adrian Rios ext 151 or Michelle Watson ext 120.