Kids At Risk Action is excited to launch our financial literacy groups and grant program in Minnesota!
The financial literacy peer group program is a resource to learn, discuss, get help and answers to personal questions. It’s a resource for better answers and personal tools for avoiding money mistakes and growing financial wellbeing.
KARA’s facilitated peer groups provide action learning and meaningful guidance to help teenagers and young adults start their financial journey off on the right path.
12 Month Program Overview;
Participant youth ages 15-23 meet monthly regarding money, skills, lifestyle, job and entrepreneurship opportunities and factors impacting financial well-being. The program can be both in person and virtual with access to coaches between sessions.
The current peer group has been formed through a collaboration with Pastor Michael Williams, of On Fire Ministries in Golden Valley. Pastor Michael leads this predominantly Black church and has let us know that a significant segment of the Black community does not trust banks. This lack of trust results in deep, widespread financial illiteracy and many serious financial mistakes.
KARA groups provide a safe and open discussion environment, where deep learning and hands-on financial experiences and problem solving and finding better answers can occur.
What makes KARA Peer groups unique:
- Youth-focused; ages 15-23 years old from at risk populations (foster/adoption and minority groups).
- Young people will learn various financial instruments and put that knowledge to use with real money provided through the program.
- Grants will be given directly to participants to save, invest and begin to grow wealth ($1250.00 to each participant distributed in segments over the 12-month program).
- Youth experience a variety of financial instruments and connect with multiple trusted institutions.
- Parental updates and sign offs for participants under 18.
- Ongoing communication and encouragement from peer group members and continued support from the program.
Four Phases of Program (more details below video):
- Facilitated monthly peer group meetings about personal experience and deep dive discussions to solve participant individual issues.
- Foundational financial realities.
- Real-world work, skill & life issues, financial tools and seed funding for each participant.
- Members are invited to continue as an ongoing financial advisory group, with ongoing support from KARA
Short strong Financial Literacy Video
Phase One: Foundational financial realities.
- Where the money comes from (good & bad jobs, skill building, the gig economy and entrepreneurship).
- Keeping what you have (pitfalls and credit problems).
- Getting what you need.
- Getting what you want.
- Knowing the difference.
- Big money mistakes.
- Trust, friends, habit, money and culture.
- Dumb money.
- Smart money.
Phase Two: Introduce the group to real-world financial tools with start-up seed funding for each participant of $1,250 in increments as various tools are introduced.
- Debit cards – credit cards
- Saving accounts
- PayPal, Checking accounts, and other financial instruments
- Brokerage accounts for stock purchase
Phase Three: Participants continue to meet monthly to discuss their issues and what is working or not working in an ongoing effort to build financial independence.
Phase Four: After the peer group completes the 1-year program, they are encouraged to continue as an ongoing financial advisory group for one another with potential ongoing support from KARA.
How To get involved:
- Sponsor youth for KARA’s Financial Literacy + Grant Program.
- Request more information about starting a group for this program.
- Contact us with questions.
WHAT TO EXPECT
Financial Literacy is about money, wealth and everyday choices. We explore personal circumstances with the intention of improving them.
Money is provided for hands on discovery of the financial world.
Understanding financial problem-solving and decision-making helps get the car you want, the house you want, the work you want and the life you want.
Success means finding the people, habits and training you need to live the way you want to.
Money helps, but it is the people in your life, the skills you build and your personal choices that make every day a little better or a little worse.
Participation in the group is key. You get out of the group what you put into it.
Building trust and a concerned attitude for the people in the group is core to your success and group success.
We are here to build achievement and success for each of us.
Monthly meetings in person and online with mentors appointed for interim help with personal issues.
POLICIES FOR PARTICIPANTS
- Moving, illness and participant behavior issues may cause some FLP participants to leave the program. Dollars remaining for youth that leave the program will be used to fund a replacement participant.
- Replacement participants start when the remaining dollars plus the donation dollars equal $1250 required to start a new participant.
PARTICIPANT BEHAVIOR REASONS FOR LEAVING THE PROGRAM
- Misuse of provided funds
- Repeated disruptive behavior