Promoting Financial Stability and Independence
The vision council for Promoting Financial Stability and Independence began to meet in October 2006. The council is made up county representatives, direct service providers, military representatives, judges, local banking representatives, community representatives from local foundations, and in its first year, was chaired by the late Ron Kendrick, a 47-year veteran of Union Bank of California. We are pleased to have Kristy Gregg, Vice President of Marketing and Community Relations for San Diego National Bank, currently filling the role as chair and leading the committee.
The initial task of the vision council was to define what essential life skills are. It was recognized that there were many facets of this issue. In an effort to maintain a focused approach, the vision council reviewed these issues and looked at which issues were not currently being addressed in the region, and could create the biggest change in the community. It was decided that the focus would be on increasing individual economic self-sufficiency and financial stability within San Diego County. Creating budgets, opening a checking account, balancing debt and credit, and understanding taxes are all part of gaining financial stability and independence. These and other aspects of financial education are critical for individuals' development, stability, self-reliance and independence. It was decided to change the name of the Focus Area from Equipping People With Essential Life Skills to Promoting Financial Stability and Independence.
In looking at the current status of financial education efforts throughout the County, it became clear that many agencies are currently providing financial education services. Some of the major funders of financial education programs in San Diego County are the County of San Diego, The San Diego Foundation, and the financial institutions. It was the consensus of these funders that the community was lacking a measurement of the knowledge and behavior outcomes related to these programs. Currently, there is not a consistent way to measure the efficacy and results of existing programs.
United Way has contracted with the service bureau of SANDAG to develop an outcome measurement tool, which evaluates individuals' knowledge of finances as well as their behaviors relating to finance, before and after receiving financial education. The tool focuses on tracking the skills of four core standards chosen by the vision council: budgeting, depository savings, credit and debt, and taxes and EITC (Earned Income Tax Credit). By tracking successes, United Way will be able to provide a "report card" on the current status of financial education in San Diego County, and financial education programs will be able to determine which aspects of its curriculum work best and which aspects need to be altered for increased success.
The measurement tool was field tested by four organizations from July through September of 2007. An RFP (request for proposal) was released in late 2007. Currently, the Promoting Financial Stability & Independence Vision Council is in the process of deciding where funding will be allocated. United Way will be funding organizations to provide financial education and implement the measurement tool in their programs.
For more information, contact Shaina Gross, Community Impact Manager.
