Free Babson College program works to fill financial literacy gap
BOSTON - By the time you reach adulthood, in one way or another, finances have likely found a way to stress you out.
And at this point you're just looking for someone to cue Jerry Maguire, "Show me the money!"
But the Babson Financial Literacy Project wants to show you how you can do well with what you already have.
Megan Rivera says this class couldn't have come at a better time. "Especially at this point in my life where I want to buy a bigger house with my husband. I want to start a family, I want to travel," Rivera told WBZ's Courtney Cole.
Rivera, who is living with leukemia, said she first found out about the initiative through The Expect Miracles Foundation's SAMFund.
"I lost my career. I lost my job. I had medical bills coming in. So, I really needed that free class, and I was just super thankful they were able to help," Rivera told WBZ.
Kathy Hevert, one of the co-founders of the program, and Robin Kahn the Program Director, told Cole the Babson Financial Literacy Project was born out of a desire to use their talents to give back to the community.
"We see ourselves as a little bit different than a lot of other programs. Our workshops are highly interactive, and discussion based and we use short vignettes that are relatable to young adults," Kahn said.
"And it was so personable. You know, I read books and had budget planner, but they asked a question at the beginning of each session. For example, who here has credit cards, and we would anonymously answer," Rivera explained.
Allowing participants to feel in community, and not singled out.
The Babson Financial Literacy Project said they spend a lot of time with colleges, non-profits, high schools, and companies.
"All of our materials are written for people who have basic math skills: add subtract, multiply, divide. That's all you need to be able to do. Basic English and writing skills, that's it," Hevert pointed out.
Some of their workshop topics include...but aren't limited to:
- Managing your money to build your best life
- Understanding your paycheck
- Making student loans work for you
- Tips and tricks for managing your credit
"We work really hard in our workshops to make people feel comfortable... That it's never too late to start saving. It's never too late to start managing your finances," Kahn said.
Since their first workshop in 2018 - the Babson Financial Literacy Project has led 320 workshops and had more than 14,000 participants.
"If I hadn't had this course, I don't know if I would have taken a credit card out or utilized cash back bonuses and even understood the way that my money could earn more money for myself passively. So that was really huge," Rivera told Cole.
Hevert and Kahn work with students at Mass Bay Community College and are also starting to work with students at Historically Black Colleges and Universities (HBCUs), as well.
And it is also worth pointing out - that this class is free!