 Purpose

According to the creators: “The Faith & Finances course begins with laying the foundation for good financial literacy by discussing money in the context of relationships, attitudes, values, and obstacles. Next, the curriculum encourages participants to plan ahead—to set goals and make a spending plan. After establishing a spending plan, Faith & Finances discusses giving, thrift, debt, and risk. Finally, the curriculum encourages learners to protect their assets and consider their net worth.“

 Pricing Summary (subject to change)

Startup costs for two facilitators (online training and materials): $600 minus a 20% Network discount

Cost for 10 participants (curriculum): $100

 Perspective

As the name suggests, this program is grounded in the Christian faith, and approaches poverty in the holistic, relational way laid out in the book When Helping Hurts. This course intends to empower and speak to participants in a relatable way.

 Structure

Faith and Finances is a 12-session series with 90-minute sessions. It is designed for groups of 5-20 people with 1-2 facilitators teaching on a weekly basis.

 Best For

The target participants are “financially vulnerable adults with limited financial training and a high school level education. The typical course participant has some level of personal debt, no emergency fund, does not live within a budget, and has a net worth near or below zero. Ideal participants are: men and women with job skills (i.e. they are employable), single mothers with small children, men with mandated child support payments, or any person with low or fixed income (e.g. Social Security, disability).” This course is directed to the poor and makes no assumptions about their knowledge – it deals with the hazards of pay-day loans, rent-to-own stores and other common traps.

This could be used by a church or nonprofit of any size with limited resources.

 Evidence That It Works

Faith and Finances has been actively refining their curriculum since its inception around a decade ago. One independent assessment showed 30 percentage point improvements in emergency funds, budgeting, and conversations about money with loved ones at the end of the course. Just as significantly, optimism about their financial situation shifted from 40% to 86% by the end of the course. It is easy to find anecdotes of people who say the curriculum helped them in their money management and relationships. Chalmer’s data reports that a 66% retention rate is typical from beginning to end of the course.

 Cost and Resources

To prepare the course facilitators, a 7-week cohort-based online training with coaching is available for $279 per person. True Charity Network members have a 20% discount on the facilitator training. Learn how by going to our Savings for Network Members page.

A typical classroom with tables, wall space for flip charts, and space for activities should suffice. Audio/video equipment is not necessary. 

The program strongly encourages the enlistment of 1-3 “allies” (mentors) per class participant. This relational benefit will increase the effectiveness of the program, though you could feasibly forgo it if it is not possible.

 How to order:

https://chalmers.org/faith-finances/

 What We Love

This course is designed to be easy to teach and only requires 30 minutes of prep per lesson. It also is tailored to people struggling with poverty. It is respectful and yet accessible to people with limited financial knowledge. The learning style is intentionally interactive and story-driven. It was built on a foundation of adult learning theory and designed to be more effective than video or lecture driven courses for many low-income participants.

 Considerations

This curriculum is optimized for faith-based organizations. It is also targeted to the poor with very limited resources and financial knowledge and could be too elementary for some audiences.