Triangle religious leaders, AARP and Shaw University roll out national model to improve financial literacy

 

 

RALEIGH  --Working to improve the personal savings rates for people of all ages, over 20 local church leaders were introduced today to a first-of its kind financial stewardship curriculum to improve financial security in communities of color.

AARP and Shaw University’s Divinity School have partnered to address the specific financial challenges in Raleigh’s African-American community. Shaw University President Dr. Tashni Dubroy explains, “We have a unique opportunity to combine the resources of Shaw University’s Divinity School, AARP and local church leaders to empower congregations with the tools, resources and information to help members of our community save more and achieve their financial goals.”

Raleigh’s religious leaders are responding to a problem that plagues this area and communities across the nation. A 2014 Federal Reserve report outlined a growing retirement “crisis” in America. Nearly a third of Americans over the age of 18 have no retirement savings. Twenty-three percent of those between the ages of 45 and 59 have no savings or pension.

When it comes to minority populations, the problem is more severe. African-American and Hispanic families have little in liquid retirement savings, particularly compared to white families. The Urban Institute reports that in 2013, the average white family had more than $130,000 in liquid retirement savings, compared to $19,000 for the average African-American family and $12,000 for the average Hispanic family.

AARP North Carolina Executive Council Member Henrietta Coursey of Wake Forrest said, “AARP wants people to be able to save more in order to retire on their own terms one day. AARP Foundation’s Finances 50+ ^SM is a financial capability program designed to motivate and empower participants to take charge of their financial future. The program assists individuals to make objective assessments, set appropriate goals and establish habits and behaviors that will help them prosper today and in the future.”

AARP financial expert Lee Baker, CFP, said, “Financial planning is an ongoing process of examining your money and where and how to spend and save to achieve your financial goals and dreams in life. It is about creating a roadmap that guides you on a journey to financial freedom. AARP is working with Shaw University to share sound principals of financial stewardship and create a Financial Education Ministry to help individuals create short and long-term financial strategies.”

As part of the community partnership, AARP is providing training to church volunteers on how to implement the Finances 50 + program. AARP is also donating smart tablet devices to the churches to help people without computers access free, online financial resources and tools. In addition, AARP and Shaw University will be providing ongoing learning opportunities for the churches such as workshops on retirement planning and investing, caregiving, and saving on health care costs.

Shaw University was founded in 1865 and is the first historically Black university in the South. This year, Shaw University is celebrating its 150^th (sesquicentennial) Anniversary. Shaw is a private, co-educational liberal arts university that awards degrees at both the undergraduate and graduate levels. The primary mission of the University is to advance knowledge, facilitate student learning and achievement, to enhance the spiritual and ethical values of its students, and to transform a diverse community of learners into future global leaders. Learn more at www.shawu.edu