Community Engagement through Financial Education and Asset Building

Presentation Format

Panel Discussion

Intended Audience

All Audiences

Program Abstract

This panel discussion will examine the Lafayette-Oxford-University (LOU) Saves Program as a case study for establishing an asset building program within a center for community engagement. LOU Saves is a child savings program that seeks to improve quality of life by providing multi-generational financial education and nurturing college-going aspirations among underserved youth. The panel will address program design, community partnerships, and findings from a focus group with participating families.

Presentation Description

This panel discussion will examine the Lafayette-Oxford-University (LOU) Saves Program as a case study for establishing an asset building program within a center for community engagement. The panel will cover program design, community partnerships, and findings from a focus group with participating families.

Disrupting the cycle of generational poverty in Mississippi requires a strategy that addresses the many factors impacting family financial security. LOU Saves is a child savings program that seeks to improve quality of life by providing multi-generational financial education and nurturing college-going aspirations among underserved youth. Nearly 1 in 4 households in Lafayette County is under-banked, meaning that they have a checking and/or savings account but have used alternative financial services in the past year. Over 1 in 10 households is unbanked, meaning that they have neither a checking nor savings account.

LOU Saves seeks to develop higher education aspirations while strengthening household financial literacy and connecting families to mainstream financial institutions. The 1 to 1 Fund has found that children are 4 times more likely to attend college when they have a savings account, and 6 times more likely when the account is in the child’s own name. Furthermore, a low-income child is 3 times more likely to enroll in college and 4 times more likely to graduate when she has a savings account with at least $500.

The program began in February 2015 with a pilot cohort of 15 child savers, and an additional 17 youth will open accounts in January 2016. Each no cost, deposit-only account is seeded with a $50 deposit provided by the program, and the accounts are restricted for postsecondary education or job training. Parents of participating child savers complete a financial literacy course and receive one-on-one financial coaching. The child savers engage in age-appropriate financial education activities led by University of Mississippi students. The program will seek to match up to $100 of deposits each year.

LOU Saves envisions a long-term commitment to participating child savers, as well as a strong family engagement component. To this end, the program has partnered with two summer learning programs: Horizons at the University of Mississippi and the summer enrichment program at the Gordon Community and Cultural Center. These summer learning programs have developed engaged cohorts of youth and parents who embrace educational enrichment programs.

The panel discussion will provide insights on the process of developing community-campus partnerships to pilot LOU Saves, including stakeholders such as financial institutions and a third-party custodian. Additionally, the discussion will share feedback from participating families on how institutions of higher learning can support asset building and family economic stability.

Location

Room - 2005

Start Date

4-14-2016 3:15 PM

End Date

4-14-2016 4:30 PM

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Apr 14th, 3:15 PM Apr 14th, 4:30 PM

Community Engagement through Financial Education and Asset Building

Room - 2005

This panel discussion will examine the Lafayette-Oxford-University (LOU) Saves Program as a case study for establishing an asset building program within a center for community engagement. The panel will cover program design, community partnerships, and findings from a focus group with participating families.

Disrupting the cycle of generational poverty in Mississippi requires a strategy that addresses the many factors impacting family financial security. LOU Saves is a child savings program that seeks to improve quality of life by providing multi-generational financial education and nurturing college-going aspirations among underserved youth. Nearly 1 in 4 households in Lafayette County is under-banked, meaning that they have a checking and/or savings account but have used alternative financial services in the past year. Over 1 in 10 households is unbanked, meaning that they have neither a checking nor savings account.

LOU Saves seeks to develop higher education aspirations while strengthening household financial literacy and connecting families to mainstream financial institutions. The 1 to 1 Fund has found that children are 4 times more likely to attend college when they have a savings account, and 6 times more likely when the account is in the child’s own name. Furthermore, a low-income child is 3 times more likely to enroll in college and 4 times more likely to graduate when she has a savings account with at least $500.

The program began in February 2015 with a pilot cohort of 15 child savers, and an additional 17 youth will open accounts in January 2016. Each no cost, deposit-only account is seeded with a $50 deposit provided by the program, and the accounts are restricted for postsecondary education or job training. Parents of participating child savers complete a financial literacy course and receive one-on-one financial coaching. The child savers engage in age-appropriate financial education activities led by University of Mississippi students. The program will seek to match up to $100 of deposits each year.

LOU Saves envisions a long-term commitment to participating child savers, as well as a strong family engagement component. To this end, the program has partnered with two summer learning programs: Horizons at the University of Mississippi and the summer enrichment program at the Gordon Community and Cultural Center. These summer learning programs have developed engaged cohorts of youth and parents who embrace educational enrichment programs.

The panel discussion will provide insights on the process of developing community-campus partnerships to pilot LOU Saves, including stakeholders such as financial institutions and a third-party custodian. Additionally, the discussion will share feedback from participating families on how institutions of higher learning can support asset building and family economic stability.