FDIC Money Smart financial literacy training held in Bayou La Batre during the month of May was sponsored by The Community Foundation of South Alabama as part of the Community Economic Development initiative. The FDIC Money Smart classes were taught in English with Cambodian and Laotian interpreters.

The training offered four sessions covering the mechanics of budgeting; how to obtain and use credit effectively; an introduction to banking services; and maintaining a checking account.  Classes began on May 5th and ran four successive weeks.  The two hour training sessions were held at the Lutheran Family and Children’s Services & Lutheran Disaster Response of Alabama, in Bayou La Batre, Alabama.

The purpose of the project is to promote community economic development through improved financial literacy and small business counseling for the ethically diverse communities of southern Mobile County. Financial literacy is the foundation of economic development for a community. Many of the low income residents do not have bank accounts and participate exclusively in cash transactions. When they receive payments by check they are forced to use check cashing services which charge much higher rates than banks.

The coalition of community partners include: The Community Foundation of South Alabama, the Federal Deposit Insurance Corporation, Lutheran Family and Children’s Services & Lutheran Disaster Response, and the Women’s Business Center. The Federal Deposit Insurance Corporation (FDIC) encourages financial institutions to partner with the FDIC Money Smart program which is a comprehensive financial education curriculum designed to help individuals outside the financial mainstream develop financial skills and positive banking relationships.

 

May 2009