Financial literacy has long been a cornerstone of Northfield Savings Bank; and we all benefit from it. Financial literacy has a ripple effect–opening the door to possibilities for many of our neighbors. Whether it’s pathways to self-assurance, steady employment, appropriate housing, and effective use of money tools, the benefits that come from financial literacy are many.
As part of Northfield Savings Bank continued commitment to improving financial literacy, the Northfield Savings Bank Foundation recently announced a three-year, $450,000 investment to improve financial literacy in Central Vermont and Chittenden County. Vermont’s two largest community action agencies: Champlain Valley Office of Economic Opportunity (CVOEO) and Capstone Community Action (CAPSTONE) will receive the funding to build stronger skills and independence.
Financial literacy is the ability of an individual or family to navigate important money choices. Education, vocation, housing, transportation, and a healthy lifestyle require a good understanding of what it takes in managing personal finance to achieve basic independence by means of budgeting, saving, and appropriate use of credit.
The NSB Foundation is investing in CVOEO’s “Growing Money” and Capstone’s “Savings & Credit” programs that focus on the essential elements of building or restoring financial stability. Participants are provided with:
- Personal financial counseling
- Credit coaching
Plus, participants acquire the necessary tools for understanding investing, retirement, tax planning, and insurance. They are also offered some incentives that provide matched savings accounts for the purpose of obtaining housing, starting a small business, or continuing education and training.
We are giving CVOEO and Capstone resources to bring on more dedicated staff and tools to bolster their current programs. We think of it as tackling financial literacy one household at a time.
The NSB Foundation does not accept requests for donations; however, to request a donation from Northfield Savings Bank’s community giving program, please visit our Community Giving page.