Hybrid, six-week challenge that will provide Black families the opportunity to improve their overall financial health
Today, Progress Center for Black Women announced the launch of its new pilot initiative, The Financial Health Academy: a hybrid, six-week, multi-generational and family-friendly challenge to improve the overall financial health of Black families in Dane County. This initiative aims to target Black households with at least one young person between the ages of 13-21 living in the home and was designed with the specific needs of Black families in mind. The educational content will be curated based on the individual needs of each cohort and will provide culturally relevant learning experiences led by nationally recognized, Black subject-matter experts. Applications open for families to apply on Thursday, April 29, 2021.
“Providing this opportunity using a family-centered approach creates space for dialogue, understanding, growth, and empowerment through education and discussions across multiple generations at once,” said Keena Atkinson, advisory group member. “As a parent to school-age children, I think this is both necessary and amazing.”
To support overall financial health and offer both emotional and social support to each participating family, The Financial Health Academy has partnered with Dane County’s Financial Education Center and Dr. Algernon Felice, Director of Cultural Bridges Treatment & Consulting LLC. Dr. Felice’s partnership, specifically, will provide yet another layer of care, holistic support, and empowerment for participating families as well as to the leadership of the Progress Center for Black Women.
Whereas the racial disparities in wage and labor force participation are becoming more widely known, well-intentioned efforts by mainstream organizations have struggled to move the needle: Black women are still earning $15K less annually than white women and $23K less than white men (Status of Women in Dane County, 2016). The Financial Health Academy is the product of ongoing conversations and planning between Black women across Wisconsin and the Progress Center for Black Women on their individual financial health and that of their families.
Here are a few highlights about the Academy:
- Evidence-Based Approach:
- Provides a creative approach to program evaluation to ensure that the program is refined based on evidence from Black women.
- A needs assessment is embedded into The Financial Health Academy application to allow us to collect data without burdening participants.
- Emotional Health and Multidimensional Support:
- Peer support and networking with other participating families and households
- Access to ongoing, realistic, non-pathologizing support from Cultural Bridges Treatment & Consulting LLC.
- Monetary Award:
- Upon completion of the six-week challenge, each family will be awarded up to $1,000 to be used towards their SMARTR financial goal. Goals might include: paying off small debts, purchasing a more energy-efficient appliance, completing a home improvement project.
- Family-Friendly Activities:
- Weekly activities (such as a virtual family discussion over dinner) for the entire household to support their financial health and goals.
- Multimodal:
- Opportunities for both in-person (socially distanced) participation as well as virtual participation through Zoom for all workshops and activities.
“We’re really excited to launch The Financial Health Academy and get to know the ten families who’ll make up our pilot cohort in the coming weeks,” said Sabrina Madison, founder and director of The Progress Center for Black Women. “What we’re doing differently is taking a holistic approach to financial health. From partnering with Dr. Felice to building out the Academy with the Black women we serve, to creating content with Black subject matter experts based on the needs of families, we firmly believe that providing this Academy at no cost to families will be a game-changer for each of their households. We plan to increase the number of families in the next cohort and lead two challenges per quarter.”
The Financial Health Academy is partially funded by financial support from UW Health, UnityPoint Health – Meriter and Quartz, United Way of Dane County. Their continued support has allowed us to build and launch ideas powered by the Black women we serve.
To learn about the Progress Center for Black Women and The Financial Health Academy please visit www.centerforblackwomen.org.
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