"[My mentor] has worked with me and supported all of my efforts from the very beginning. I don't know how I could ever repay her."
- S.C., recently hired as an Airframe and Powerplant Mechanic with Northwest Airlines after working with a financial mentor.
Overview
Financial mentoring helps build financial literacy skills, identify personal and financial goals, and develop concrete plans to achieve them.
The Financial Mentoring Program revolves around four key topic areas: credit and loans; money management; financial services; and financial goals and planning. It is based on the premise that people need some level of knowledge in each of these areas in order to make informed financial decisions.
The program 1) assesses a client's current level of financial knowledge, financial situation, and habits; 2) helps clients identify personal or family financial goals; and 3) creates individual action plans to fill knowledge gaps and help clients achieve their financial goals. The FMP complements financial literacy services, classes and materials often available online or in local communities.
Financial Tools for Mentors is tailored to the needs of agencies and organizations wishing to implement their own financial mentoring programs.
In Detail
Financial Mentoring for Working Wheels
Pacific Associates (under contract with Port Jobs) provides employment services and financial mentoring to Working Wheels car owners, who work one-on-one with a financial mentor to develop individual action plans that meet personal and financial goals ranging from changing careers to paying off debt or buying a home.
The FMP Curriculum and Program Guide
A toolkit for people and organizations exploring whether and how to do financial mentoring, the FMP Curriculum and Program Guide is designed to help clients gain a working knowledge of key financial concepts and learn how to apply them in daily life. It includes assessment tools, pre and post tests, and a resource guide. These materials are free and can be downloaded from: www.financialmentoring.net.
Port Jobs also provides financial mentoring training to staff from other organizations that work with low-income individuals, such as the YWCA, that help their clients learn financial literacy skills.
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