January 20, 2016
Good morning and welcome to the initial edition of the Coalition’s bi-monthly update for volunteers.
Financial literacy is a moving target: financial products and services change; new ones are introduced. Market factors and legislation affect how we spend, save, borrow and invest. The Coalition relies on the expertise and professionalism of you,our volunteers, to help consumers improve their financial skills, make sound money decisions and generally to become more savvy consumers through our classes.
The goal of this newsletter is provide you with an informal continuing education on the topics we teach. Most of the items will be recent news, commentary, and research. There is no set format; the content will be what I find in the course of my readings and, hopefully, from input from you as well.
Since you are all interested in financial education, I hope you find the updates useful. I welcome contributions and comments.
On behalf of our Board, our financial supporters, the organizations that invite us to teach, and of course, from me, a huge thank you for all you do!
- NYC Living wage for one adult and one school-aged child is $27.44 per hour. This is a 2014 stat in MIT’s Living Wage study. The stats in this link are a real eye-opener. http://livingwage.mit.edu/counties/36061
- If you doubt there is a need for our educational services, read this. It’s a study of how much “underserved” consumers spend on financial services, including overdraft and late fees as well as fees and interest for predatory lending services. These are the consumers who can least afford a $10 check cashing fee or a $35 late fee on a credit card.