Financial Capability Building
Financial capability building is combining knowledge with the confidence to use it to make smart financial choices.
Financial empowerment is critical to helping job seekers and workers with disabilities overcome poverty, according to research. Competitive, integrated employment is often not enough to support people in achieving their financial goals. Training and counseling on how to manage money and finances can help with this.
Use these strategies and resources to help job seekers with disabilities to build their financial capabilities, create financial goals, take the steps needed to achieve them, and develop confidence to make smart financial choices.
Following are some goals to strive for to improve the financial capabilities of youth and their families. You can introduce the following resources to youth and families or use them to supplement services and supports you provide.
Goals of Financial Capability Training and Counseling:
These are some of the outcomes used to measure the success of financial capability training activities. Families and youth:
Understand income and expenses. Learn about money tracking tools and how to use them.
Identify ways to save money to reach short and long-term goals. Learn about having a bank account.
Dealing with Debt
Make a plan to pay down debt.
Understand the difference between wants and needs.
Learn how credit, loans, and borrowing. Learn how to read credit reports.
Understanding rights, financial security, spotting abuse, and avoiding exploitation.
Youth who met with a financial coach had twice the total weekly earnings.
Source: Wisconsin Promise
The following strategies can be incorporated into your financial capability training or counseling supports and services you provide to teens and families.
Connect to Training
Your Money, Your Goals Training
from the Consumer Financial Protection Bureau (CFPB)
Financial Literacy for High School
from InCharge Debt Solutions
Financial Lessons for Special Needs Students
from Practical Money Skills
Consumer Credit Money Tools
from American Consumer Credit Counseling, Inc.
Following are some tools and resources to connect people you serve with information to improve or increase their financial capabilities.
Tools and Activities
Articles for Youth and Families
- Benefits and Working from the Before Age 18 website