BESS Financial Literacy Pilot Project
Why we created this project
Women who have experienced intimate partner violence (IPV) often face unique financial challenges and barriers that traditional financial literacy programs seldom address. Interval House has developed an innovative solution to address this gap: our new BESS Financial Literacy Pilot Project.
Financial abuse is one of the most common reasons that women stay in, or return to, their abusive relationships. Poor financial literacy can compound the effect of their abusive situations and make it difficult to become economically self-sufficient.
The BESS Financial Literacy Pilot Project will scale up our existing Building Economic Self-Sufficiency (BESS) program, empowering participants to learn financial management skills. Want to learn more about our BESS program? Explore BESS on our website.
About the BESS Financial Literacy Pilot Project
The BESS Financial Literacy Pilot Project will provide financial literacy knowledge and hands-on, skills-based activities to select BESS program participants.
Participants will first attend monthly financial workshops which will cover a variety of helpful topics, including budgeting, credit counselling, tax clinics, and saving. Additionally, we will provide a safe space for participants to connect and share insights through peer-support circles.
To round out their learning experience, participants will develop a personalized work plan that caters to their unique financial needs and areas for growth with the guidance of our Financial Empowerment Specialist. Participants will regularly review their progress in achieving their financial literacy goals through these one-on-one financial coaching sessions.
Research has shown that financial literacy education is most effective when it can be immediately applied or utilized ‘just-in-time.’ However, most people who have low incomes do not have the funds to apply their financial learnings immediately. The pilot addresses this barrier by ensuring the participants obtain and retain financial knowledge, skills, and confidence by providing a $1000 Participant Learning Tool to use to help accomplish their personalized work plan.
Participants can expect a range of positive outcomes, including increased self-confidence in navigating day-to-day challenges and improved financial literacy knowledge. Additionally, the pilot aims to advance participants’ skills in financial management and decision-making, equipping them with the tools they need to make informed choices about their financial future.
Interested in supporting our BESS Financial Literacy Pilot Project?
Please contact Katie Mosher, Senior Advisor, Partnership & Sustainability at email@example.com or 416-924-1411 ext. 237