SDSU Extension recently launched a community volunteer program to help South Dakota residents learn how to facilitate educational programming and become masters of financial knowledge and skills. The Master Health Volunteer Money Mentor will endorse individuals to provide personal finance workshops in their communities for various workplaces, service organizations and other not-for-profit groups.
According to the 2018 National Financial Capacity Study released by the Financial Industry Regulatory Authority (FINRA), 47% of South Dakota residents reported lacking an emergency provident fund and 31% of individuals with credit cards only made the minimum payment for a few months during it. general. Individuals without emergency savings money lacked a reserve against unexpected expenses, which has resulted in many of them using credit cards to bridge the gap between income and expenses.
“This financial empowerment program is designed to help consumers achieve their financial goals by increasing their knowledge, skills, and resources,” said Lorna Wounded, chief family resource management specialist at SDSU. “Community volunteers are the best resource for providing this service because they know the needs of individuals and families.”
As our economic situation continues to evolve amid the COVID-19 pandemic, there is a need for personal finance education for those at all income levels. Money Mentors will become a network of trained volunteers who provide one-on-one money management guidance and group personal finance education. The programs will address personal financial literacy needs within communities across the state.
Training for those interested in the program will include an estimated 40 hours of in-person online instruction. The training will use the Your Money Your Goals toolkit developed by the Consumer Financial Protection Bureau. After completion of training, Master Health Volunteers are considered a trainee until they have completed 40 hours of volunteer hours during their first year of service. After completing those hours, volunteers become CHV certified.
Applications for financial mentors are accepted on an ongoing basis.
For more information or application information, contact Lorna Wounded Head, SDSU Extension Family Resource Management Field Specialist, at 605-782-3290 or firstname.lastname@example.org.