State looks to fund financial literacy education programs
The State Bank Commissioner’s office plans to award $340,000 this year to schools, nonprofits and community organizations to teach financial literacy.
The Department of State’s Doug Denison says it’s the first time in two years the state is awarding these grants. He says in the past these grants have gone to a variety of financial literacy education programs.
“In some instances it’s teaching kids about the importance of saving money, how bank accounts work, how to do a budget,” he said. “I know that there’s been programs for single parents to figure out how to adequately budget their time and financial resources. And the category of homeownership and first-time home buying, that falls under this as well.”
Denison says financial literacy is key to prosperity for people at all walks of life.
“We have targeted some of these grants at populations that are different geographically or might have limited access to some of those resources, specific emphasis on veterans and members of the military, seniors, minority communities,” he said.
Officials encourage proposals for programs that approach financial literacy in proactive and preventive ways.
All schools recognized by the Department of Education and all nonprofits and organizations with 501(c)(3) status are eligible. The deadline to apply is October 1, and state officials estimate the grants will be awarded in late fall or early winter.
The financial literacy education grants are funded by revenue from a license fee on businesses that offer high-cost payday and car title loans.