The National Elevator Industry Educational Program brings Financial Tools for the Trades to its members nationwide.
Joe Devlin knows that construction can be tough. As Assistant National Director of the National Elevator Industry
Educational Program (NEIEP), Devlin oversees the training of 26,000 elevator constructors nationwide. “Even in a strong economy, the risk of unemployment is a reality for people who work in construction,” he says. Workers who can manage their personal finances are better able to weather the lean times, especially as the construction industry continues to see double-digit unemployment rates.
Financial education is not traditionally taught in craft training, but that’s now changing for the elevator industry. NEIEP, which is affiliated with the International Union of Elevator Constructors, has become the first trade-specific educational program to incorporate Financial Tools for the Trades into its training curriculum nationwide. This ensures that elevator constructors across the country build the financial skills they need to succeed.
“In the elevator industry, we want our members to be ready for the possibility that they may be out of work at some point in their careers. We thought a course like Financial Tools for the Trades could help them prepare and give them some peace of mind,” says Devlin.
Financial Tools for the Trades combines personal finance education – like creating spending plans and building good credit – with an industry- tailored focus. “We talk about the financial realities of working in construction,” says Stephanie Kellner from Port Jobs, who manages the program. “And how people can enjoy the good pay and benefits while taking steps like building emergency savings, to protect their financial stability.”
Devlin says NEIEP decided to integrate financial education into its program because “most adults are never exposed to financial planning while in high school. We wanted to make our members aware of some of the pitfalls of poor money management. Of course, learning how to deal with credit cards is at the top of the list. My hope is that learning how to manage money will lead to greater things, like building wealth.”
Financial Tools for the Trades will be taught to industry members at more than 100 training centers across the country. NEIEP and Port Jobs are also exploring the creation of an online Financial Tools course to be part of NEIEP’s distance learning program.
“I've got a big family, and every month there is an emergency,” says John, an apprentice featured in a video about Financial Tools for the Trades. “I’m really interested in having a spending plan and an emergency fund. Having a Financial Tools class [as part of apprenticeship training] sends the right message that this is something that everybody should sit down and learn.”