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Focus '09 : Improving Economic Security & Financial Literacy for Young People and Low Income Individuals in our Community
This year, the beehive collective has chosen to continue to take on the issue of economic security and financial literacy. We realize that economic security and financial literacy mean different things to different people. For the purposes of programming and grant allocation, the beehive collective has chosen to focus on three aspects of economic security: getting out of poverty, managing debt and building wealth. The beehive collective is particularly interested in how non-profit organizations can address the impact of these issues on young people living in Raleigh. Each of these three aspects has multiple facets, outlined below:
Getting out of poverty
Given that 1 in 10 young white folks, 1 in 4 African American folks, and 1 in 7 Hispanic folks live in poverty, strategies for getting out of poverty are a central focus of the Beehive Collective. These strategies include, but are not limited to:
o Training for new job skills
o Developing and accessing supportive housing
o Educating: literacy and language skills
o Advocating for a living wage
o Developing affordable mortgage programs
o Addressing gentrification issues
o Stopping predatory lending
o Providing health care to the uninsured and under-insured
Managing debt
Debt is an increasingly central issue in the discussion of economic security. Young people today are more in debt than ever before. This situation requires new strategies and programs for helping young people get ahead. These strategies include, but are not limited to:
o Being strategic about debt. What is good debt?
o Credit counseling
o Identifying responsible lending practices
o Preventing debt- e.g understanding how to live within one's means and avoiding over or under insuring one's self
o Developing a budget- how to prioritize spending
Building wealth
Building wealth often takes a back seat to the issues of poverty and debt when young people focus on their finances. However, long term wealth building is a critical step toward financial security so starting young promises the best chance of success. Wealth building strategies include, but are not limited to:
o Financial literacy education
o Planning for retirement
o Education regarding home ownership
o Investing in a socially responsible manner
o Fostering entrepreneurship
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