A new class in town will work toward closing the financial literary gap between men and women.
Budget Buddies, a nonprofit that provides low-income women with financial training to help them leave poverty, will start classes for a second year in Sudbury every other Thursday starting Aug. 23. Sessions run from 6:30 to 7:30 p.m. and are free to any Sudbury woman 18 or older.
“A lot of the time, I’ve found that when people come to our office for help, regardless of their current income, they are showing oftentimes a deficit in financial literacy skills,” said Bethany Hadvab, the town social worker. She said residents frequently seem to learn financial skills through “trial and error.”
A study published by the Standard & Poor’s Ratings Services found that 62 percent of American men are financially literate, compared to 52 percent of women.
Massachusetts received an “F” in teaching personal finance education to teenagers from the Champlain College’s Center for Financial Literacy in 2015. The school criticized the state for having few requirements for teaching financial literacy in high school, saying students are able to graduate without ever taking a class in personal finance.
The Sudbury class, which still has several open slots, will feature sessions on how to create a budget, pay for education, plan for retirement, and eat healthy on the cheap. The program incorporates a series of workshops and one-on-one mentoring for each participant. Classes will be held at the Sudbury Presbyterian Church at 330 Concord Road.
After the first round of Budget Buddies last year, Hadvab said participant feedback was overwhelmingly positive. She said one resident reported raising her credit score by 80 points and paying off all her debt.
This article provided by NewsEdge.