Financial Literacy Strategies in - Native CDFI · 4/21/2016 · Native CDFI Network Webinar April 21, 2016 NCN-NADC Project • 2014-2015: we supported the creation of the Native

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Financial Literacy�Strategies in�

Native Communities

April 21, 2016

Native CDFI Network Webinar April 21, 2016

Welcome to Our Webinar

•  Keep Background Noise to a Minimum– Mute and Unmute Functions

•  Interacting With Presenters– Chat Function– Q&A Time Reserved at End of Webinar


Webinar Overview

•  Introductions•  Financial Literacy•  Homeownership & Financial Literacy•  Nat$ive in the Bank•  Q&A•  Wrap Up

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INTRODUCTIONSMeet our presenters


Tanya Fiddler•  Executive Director

of Native CDFI Network

•  Founding Co-Chair of Native CDFI Network in 2009

•  CDFI Fund Community Development Advisory Board


Tally Colombe

•  Executive Director, Hunkpati Investments

•  14 years of teaching experience

•  Elementary Education degree from Sinte Gleska


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Ian Record

•  Director, Partnership for Tribal Governance, NCAI

•  Ex-Officio Board Member, Native CDFI Network


FINANCIAL LITERACYAn Overview


Let’s start by defining our terms

•  Financial Literacy - skills and knowledge that allow an individual to make informed and effective decisions with all of their financial resources

•  Financial Education – the teaching of these skills and knowledge

•  Financial Capability – similar to financial literacy with more focus on long-term changes in behavior

•  Financial Inclusion – the delivery of financial services at affordable costs to disadvantaged and low-income people

Each is a critical strategy for helping our Native people build assets.


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So what do we mean by assets?

•  Bank accounts•  Savings •  Real estate•  Businesses•  Education•  Investments•  Other property

But assets also are:•  Good credit•  Financial skills•  Emergency savings•  And Native

communities can also have cultural significance that differ from tribe to tribe and place to place


Examples of Asset-Building Strategies

•  Financial education•  Accessing federal and state benefits•  Tax credits and filing assistance•  Getting families banked•  Encouraging “rainy day” savings•  Managing credit and debt, e.g. Credit

Builder Loans •  Matched savings

–  Individual Development Accounts, aka IDAs–  Children’s Savings Accounts


NCN-NADC Project

•  2014-2015: we supported the creation of the Native American Collateral Support Program to assist Native entrepreneurs.

•  2016-2017: goal is to support development and growth of Children’s Saving Account programs and other financial inclusion opportunities for Native children in Montana.


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NCN-NADC Project, cont.

•  We will accomplish this goal through:–  The creation of a State Children's Saving

Accounts program. –  The creation of Native Children’s Saving

Accounts programs and other programs that promote Native Financial Inclusion.

–  Assisting Native nonprofits in the development of programs that would implement State and Native Children’s Saving Accounts programs.


HOMEOWNERSHIP ACHIEVED!

How Increased Financial Capability Changes Lives


About Hunkpati

•  It is the mission of Hunkpati Investments to support the financial stability of individuals, families, and businesses on the Crow Creek Reservation through education, access to capital, and entrepreneurial development.


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Building Financial Capability on Crow Creek

•  Transitioning from BOD member to ED

•  Connection to the communities your organization serves

•  Finding staff that have the same passion

•  Persevering with the clients.


Airryn Big Eagle•  Participated in

multiple programs–  Credit Builder Loan–  Small Business

Loan–  Financial Education

& Technical Assistance

–  IDA Program•  Purchased home in

2015


NAT$VE IN THE BANKAn NCAI & NFEC Initiative


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Who is the NFEC?

The Native Financial Education Coalition (NFEC) is a group of local, regional, and national organizations and government agencies working together to achieve their common goal of promoting financial capability in Native communities.

Started by the U.S. Department of Treasury in 2000, the now independent NFEC seeks to exchange information, forge partnerships, develop and implement strategies to institutionalize outreach and training, and identify gaps in information about the financial education needs of American Indians, Alaska Natives, and Native Hawaiians.

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NAT$VE in the BANK Challenge

The National Congress of Americans (NCAI) joined forces with the Native Financial Education Coalition (NFEC) to launch NAT$VE in the BANK because they understand that Native youth developing relationships with financial institutions by opening a bank account is a proven difference-maker in empowering their ability to make smart financial decisions over the course of their lives.




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“The most eye-opening experience thing about opening a bank account is how much easier I can control my money without losing it…It was amazing how much money I was saving by putting it in the bank too because I was not spending like I would if I had cash in my pocket. It helped me budget better and I was able to save up for items I really wanted and learned that I can take my time and don't need to buy things immediately.”

“I want to be able to buy my own house and buy a car of my choice as an adult. I plan on getting these things by getting a college education and having a good job that pays me enough so I could pay all my bills and put the rest in a savings account.”

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Questions for Discussion

How can NCN help Native CDFIs… o  better tell their stories of impact and success? o  effect policies that empower them? o  increase/diversify their funding opportunities?

What transferrable lessons have you learned about financial capacity building through your own work that would benefit other from? What tools do you/your CDFI need to strengthen its impact?


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NAT$VE in the BANK Deadline: May 15th

www.NFEC.us Na#veCDFINetworkWebinarApril21,

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QUESTIONS?



Wrap Up

•  Stay Connected–  Visit our website, www.nativecdfi.net –  Like us on Facebook,

http://www.facebook.com/pages/Native-CDFI-Network/171505889536418

–  Follow us on Twitter, @nativecdfis–  Subscribe to the email list,

http://eepurl.com/bV771•  Next Webinar – April 28, 2016

Documents

Financial Literacy Strategies in - Native CDFI · 4/21/2016 · Native CDFI Network Webinar April 21, 2016 NCN-NADC Project • 2014-2015: we supported the creation of the Native