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Grant Increases Port Jobs' Financial Literacy
National Endowment for Financial Education funds curriculum to teach Working Wheels car owners, others smart money management

Port Jobs Reports, Summer 2003

Allen Foundation Broadens Services for Car Owners
Prior to publication, Port Jobs received a 2-year, $100,000 grant from the Paul G. Allen Foundation that will allow it to build on the work started through the National Endowment for Financial Education.

describing clients who have purchased cars through Working Wheels, an innovative program that helps low-income King County residents get to work and stay employed.

“It is the first time many families have enough income to do more than just ‘get by’,” said Crane.  “Many have not had models for saving and asset-building to help them become more financially secure or build a cushion for the unexpected.”

To ensure that Working Wheels clients have the knowledge and tools they need to be successful borrowers and car owners, Port Jobs is embarking on a new financial literacy initiative with a one-year grant from the National Endowment for Financial Education® (NEFE®).

“When reviewing existing financial literacy curricula, we found that none included a good preliminary assessment tool to identify a participant’s level of financial knowledge,” explained Crane. “So many participants end up covering material they already know.”

In response, Port Jobs is using a grant from NEFE to craft and pilot an assessment-based financial literacy training model.  The first step is to pinpoint what individuals need to know in order to make informed decisions about managing money, using credit, accessing financial services, and planning for the future.

Port Jobs will then develop an assessment process that gauges where clients may have knowledge gaps, where they may lack access to needed resources, or may have behavioral patterns that can affect their ability to reach economic self-sufficiency.  Each participant will develop a personalized action and training plan to address his or her own financial literacy needs.

“NEFE made the award to Port Jobs because their grant request exemplifies exactly the type of project our foundation wants to fund,” said Marilyn Canfield, Director of Grants Administration for NEFE.  “It is a practical solution to a unique financial literacy need, and it can be replicated for broad distribution and use by other populations with similar financial education needs.”

“It is crucial for Working Wheels clients – and for all of us – to have a firm grasp of financial concepts in order to make informed decisions regarding our family’s economic well- being,” said Crane.

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