Giving Circle Supports Financial Literacy for Parents

November 2011

A $50,000 grant to help fund a financial literacy program for parents whose children attend the Alfred E. Burr Elementary School in Hartford has been awarded to Co-opportunity, Inc., a Hartford-based nonprofit, by the Catalyst Endowment Fund of the Hartford Foundation for Public Giving.

Co-opportunity will tailor three services – financial education, one-on-one counseling, and budget coaching – to the needs of a group of parents at the school in a pilot program called the Burr School Financial Empowerment Initiative.

Ninety parents will participate in general financial literacy classes. From this number, 25 low- to moderate-income working women will be recruited to participate in personal specific financial literacy services under the direction of a personal financial coach. The women will meet regularly over a year as a group and in one-on-one sessions with their coach to establish financial goals, create and use family spending plans, establish recordkeeping systems, create emergency savings, and identify barriers to goals attainment.

“We know a family’s financial condition impacts a child’s academic success so Co-opportunity is grateful to the Catalyst Endowment Fund for the opportunity to bring a suite of financial education and counseling services, including our proven financial coaching program, to parents at Hartford’s Burr School,” said Donna Taglianetti, executive director of  Co-opportunity, Inc.
 
“A White House report identified financial illiteracy as a serious national problem, even citing it as one of the causes of the recession,” said Bob White, chair of the Catalyst Endowment Fund steering committee. “The problem affects people across all racial and socio-economic lines. This pilot program is an opportunity for Catalyst Endowment Fund members to help families here in Hartford. The program goes beyond financial education and assists individuals to help themselves to chart their own financial course.”

“Sadly, far too many Americans do not have the basic financial skills necessary to develop and maintain a budget, to understand credit, to understand investment vehicles, or take advantage of our banking system,” said the White House report. It cited an Indiana State University study that found that only 28 percent of U.S. adults view their personal financial knowledge as “very good” or “excellent.” 

Burr Elementary School is part of the Hartford Community Schools initiative, a partnership of the Hartford Foundation, United Way of Central and Northeastern Connecticut, Hartford Public Schools, and the City of Hartford - Office of Families, Children, Youth and Recreation. The financial literacy initiative at Burr School was initiated by the United Way Women’s Leadership Council.

Community schools, built around a strong instructional core – and working with a community-based agency – remain open well beyond the hours of a regular school day to offer an array of educational, cultural, medical and social services for the entire family. The Village for Families and Children is the lead community-based organization at Burr.

With this grant, the Catalyst Endowment Fund has awarded a total of $612,500 over 19 years in support of Greater Hartford nonprofits. Each year, Catalyst members choose a topic to study, hold meetings to learn from experts, and then make grant recommendations. The Hartford Foundation pools and invests donations from Catalyst members to fund the grants.

Co-opportunity was founded in 1987 to create neighborhood stability and economic prosperity by increasing the income, earnings and wealth of Greater Hartford residents. The agency accomplishes its mission by providing services in three distinct areas: financial education and counseling, workforce development, and asset building. For more information on Co-opportunity, go to www.co-opportunity.org.

The Hartford Foundation for Public Giving is the community foundation for the 29-town Greater Hartford region, dedicated to improving the quality of life for area residents.  The Hartford Foundation receives gifts from thousands of generous individuals and families, and in 2010, awarded grants of more than $29 million to a broad range of area nonprofit organizations, the largest amount granted in the Foundation’s 85-year history.  For more information about the Catalyst Endowment Fund, contact Gretchen Fountain at gfountain@hfpg.org.  For more information about the Hartford Foundation, visit www.hfpg.org or call 860-548-1888.