Mother-Daughter Programs are “Next Wave” for Financial Education Industry

by | 09/20/14 | Commentary, News, Uncategorized

Goodwill Industries Initiative is Among the Latest Successful Mother-Daughter Case Studies

In the wake of new research highlighting low levels of financial literacy among large segments of women and girls, a new category of financial literacy programs, “mother-daughter” initiatives, is emerging as a high potential means of boosting financial education among women.

In one of the latest case studies of a successful mother-daughter financial literacy initiative possessing the power to transform the financial education industry, Goodwill Industries has partnered with several organizations to develop and roll out the “Her Money” program, which is designed to help low and moderate income women and their daughters enhance their level of savings by virtue of an incentive-based matched savings program, combined with a robust financial education curriculum. As a key element of the initiative, mothers and daughters participating in the program are eligible for a two-for-one match on their savings. Moreover, the women also receive financial coaching so that they can become more empowered to make better informed decisions with respect to their personal financial affairs.

Financial literacy professionals are buzzing over the recent emergence of mother-daughter programs like the “Her Money” initiative since research has shown that financial education programs in which multiple family members participate simultaneously drive greater success than those without family collaboration. Moreover, industry observers are also promulgating the virtues of mother-daughter initiatives given that they leverage the mother-daughter bond to connect family members in the important area of personal financial affairs, where women and girls are often less empowered than their male counterparts.

Mother-daughter financial literacy programs are showing a wide range of positive results, including the beginning of savings among mothers and daughters, the establishment of financial goals, the enhancement of credit scores, and the greater access among mothers and daughters to financial education tools and resources.

As these mother-daughter programs continue to grow in size and scope, the benefits to the financial literacy industry are expected to be highly significant, not only for the mothers and daughters who participate, but also for the overall vigor of the financial education space in the months and years ahead.

Additional information about the Her Money program can be found here.

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