SARASOTA/BRADENTON, FL – SunTrust Foundation recently awarded a grant of $10,000 to Goodwill Manasota to promote and expand the reach of existing financial literacy training for low- and moderate-income workers as well as adolescents in the community. The grant will fund the creation of an app, called “Show Me the GOOD Money,” focused on developing the skills needed to successfully manage personal finances and transition from poverty to economic independence.
With the dramatic increase in the use of mobile technology in all age groups, an app can offer a quick, easy and engaging way to gain financial knowledge for users of all ages. With the app, Goodwill will focus on learning areas including checkbook 101, wealth accumulation, and managing savings. Slated to launch by January of 2018, the app will cover a wide range of topics that will keep users on top of their money and better understand the consequences of their financial decisions.
According to the Finance Project, a non-profit firm specializing in sustainability strategies, changes in personal finances such as decreased personal savings, increased debt, the advent of welfare reform, an increasingly diverse population that may not be familiar with the U.S. financial system, and new technologies have illuminated the need for personal financial management. They report, “Workers lack the knowledge and tools necessary to make educated decisions related to budgeting, savings, and investments. As new entrants to the labor market, they are also faced with managing expenses incurred with working, such as child care, transportation, and car maintenance that can place a burden on already limited finances.”
Research has demonstrated the positive impact of financial literacy training on low- and moderate-income workers and young adults, finding that the majority of program participants changed the way they budgeted and paid bills. As part of its efforts to help its employees reach their professional and personal goals, Goodwill Manasota has offered on-the-clock financial literacy training to its employees for over a decade.
“We know that employment is just the first step in the long road to financial security. If someone has never learned how to budget or been taught financial literacy, the chances for self-sufficiency are greatly reduced,” said Bob Rosinsky, president and CEO of Goodwill Manasota. “We appreciate the support of generous partners like the SunTrust Foundation as we strive for innovative ways to strengthen, employ, and educate our community in all areas related to employment and financial management.”
SunTrust Foundation has provided support for Goodwill’s financial literacy programs for the past few years. The grants have been used to launch an internal financial literacy pilot program and then increase the reach and impact of the financial literacy coach at Goodwill, with the goal of helping participants better understand topics such as credit counseling, online banking, and consumer credit.
“SunTrust Foundation is excited to continue our support of Goodwill Manasota as it works to strengthen financial literacy in our region,” said Josh McCoy, Manatee County market president of SunTrust Bank. “SunTrust has had a long-standing partnership with Goodwill to deliver financial literacy and career development skills through workshops addressing interview skills, job fairs, and financial literacy classes. Through our onUp.com movement and partnering with like-minded organizations, SunTrust looks forward to championing our purpose of lighting the way to financial well-being.”
For more information about Goodwill, go to experiencegoodwill.org or call (941) 355-2721.
About Goodwill Manasota
Goodwill Manasota is an industry-leading, 501(c)(3), not-for-profit organization that changes lives through the power of work. With the sales of donated goods and philanthropic donations, Goodwill is able to assist people with disabilities and other barriers to employment by providing job skills training and employment opportunities. In 2016, Goodwill Manasota served 28,207 people, placed 755 people in jobs and assisted 240 veterans as they reintegrated back into the civilian workforce. Goodwill Manasota’s economic impact back to the community is worth $92.1 million. Goodwill is one of the pioneers of the reduce-reuse-recycle movement and this past year diverted more than 40 million pounds out of the landfill. We accomplish our mission through a network of Good Neighbor Centers in Sarasota, Manatee, Hardee and DeSoto counties and our Mission Development Services (MDS) around North America. Goodwill Manasota is accountable to a local Board of Directors. Goodwill Manasota, in essence, belongs to this community and is not owned by any individual or company. For more information, visit www.experiencegoodwill.org.