Who Qualifies for Financial Wellness Workshops in Rhode Island
GrantID: 10021
Grant Funding Amount Low: $500
Deadline: Ongoing
Grant Amount High: $2,500
Summary
Grant Overview
Workforce Development through Financial Wellness Workshops in Rhode Island
In Rhode Island, the state faces a high cost of living, which disproportionately affects low-income households. About 31% of Rhode Islanders are struggling to make ends meet, according to the Economic Progress Institute. This economic pressure is compounded by a lack of financial literacy, leaving many individuals and families ill-equipped to navigate critical financial decisions. In the wake of the COVID-19 pandemic, this population has also witnessed an increase in financial instability, driving the need for targeted educational interventions.
Low-income families, particularly those with limited educational backgrounds or immigrant populations, are most affected by financial misunderstandings and mismanagement. Furthermore, Rhode Island's diverse demographic landscape, including various ethnic groups with unique financial needs and barriers, necessitates culturally competent programs to be effective. Those who face barriers such as language, employment instability, and limited access to financial resources are in dire need of targeted support to improve their financial literacy.
The funding initiative aims to address these specific challenges by offering financial wellness workshops that focus on budgeting, saving, and financial planning. Eligible participants include individuals and families at or below 200% of the federal poverty level, with particular attention to communities of color and immigrant groups. The workshops will provide practical skills through hands-on activities and tailored resources that respond to the participants’ varied backgrounds and experiences.
Application requirements for organizations wishing to receive funding include a detailed program proposal outlining the workshop structure, targeted demographic, and outreach strategies. Organizations must demonstrate prior experience in financial education and the capability to provide culturally relevant content. Collaborating with local nonprofits and community organizations will be critical to effectively reach potential participants across Rhode Island.
By focusing on improving financial literacy, the initiative aims to achieve measurable outcomes such as increased knowledge of budgeting practices and improved savings patterns among participants. These outcomes are crucial in a state where economic security is closely tied to overall well-being. By equipping Rhode Islanders with the skills and knowledge necessary to manage their finances effectively, the program endeavors to foster a stronger, more financially stable workforce that can contribute positively to the state's economy.
Eligible Regions
Interests
Eligible Requirements
