Why Give to Zacchaeus Financial Counseling, Inc.?
“A one-time financial education program may have little effect, as expected, but the long-term effects of a persistent financial education program can be sizable… Curing and preventing financial illiteracy is not costless, but investing in financial literacy is likely to bring high payoffs. And our work demonstrates that financial literacy can benefit not only the economically vulnerable in society, but also the population at large.” Olivia S. Mitchell, Wharton School professor and executive director of the Pension Research Council, and Annamaria Lusardi, professor at the George Washington School of Business and academic director of the Global Financial Literacy Excellence Center
At the conclusion of a traditional financial literacy program, participants are thanked for their attendance and given best wishes for a prosperous future. Unfortunately, educational curriculum alone does little to make a real difference when the participant faces barriers and limitations beyond their control. Barriers include legislation, geography, socioeconomic status, and physical disabilities. Education alone only produces short-term results, therefore, the investment by lower income individuals of time and financial resources in a financial literacy program is not deemed worthwhile and helps to explain why so few respond.
In a report for the Annie E. Casey Foundation, PolicyLab Consulting summed up the process of financial planning this way: Financial literacy is content; financial planning is strategy in the context of the content; and financial coaching is implementing the plan.
This is why financial literacy (content only), no matter how well it is delivered, is insufficient. Developing and implementing a personalized financial plan specific to the individual, including #BehaviorModification, #FollowUp and #Mentoring, are critical to achieving lasting results. Unfortunately, few professionals and organizations have the time and resources to commit to a very long-term program among clientele with fewer resources.
The answer is a bold initiative by Zacchaeus Financial Counseling, Inc. to invest in overlooked, underserved and disadvantaged communities and individuals with financial planning, financial counseling and financial coaching.
If you can afford an attorney, accountant or financial planner, getting answers to financial questions is a small thing. Without resources, hiring professional help can seem like trying to climb Mount Everest alone — an impossible task.
We believe every person has the right to have their financial questions answered. If you believe that too, support us and pay it forward to someone who is not as fortunate as you.
