Many of us take for granted the importance of financial literacy and the role it plays in everyday life. While it impacts everyone, it can be an intimidating skillset to learn  especially if you are learning for the first time as an adult. That is why, to support our residents as they navigate the numerous banking, credit, and retirement options available to them, our Supportive Services team provides financial literacy support across our communities. 

Similar to the other supportive services Archway provides, our Supportive Services Coordinators offer financial literacy support on-site, developing programming based on resident feedback and needs. This April, as part of Financial Literacy Month, we want to highlight some of the financial programming we offer and the important role it plays in building financial stability.

What is financial literacy?

Financial literacy is the understanding and practical use of financial skills such as budgeting, saving, investing, and managing debt. Personal finances look different for every household, and having a set of financial tools can help build independence and confidence in day-to-day life. 

Budgeting

At each of our communities, our Supportive Services Coordinators offer budget-building support. All of our residents come to Archway from a unique background, where many have experienced trauma and/or homelessness, and have faced mental health and/or substance abuse challenges throughout their lives. For these reasons, budgeting is often a new skill for many of our residents. 

Budgeting, however, is an important proactive step in managing personal finances. By helping residents track and compare what they earn to what they spend, our Supportive Services team helps our residents prioritize their daily expenses and identify larger financial goals.

Benefit Enrollment

Benefit enrollment is another area of financial literacy support that our Supportive Services team provides. Our team supports residents in identifying the benefits available to them, including WIC, SNAP, food assistance and disability benefits, social security, and benefits for veterans. This process looks different for every resident, and our team caters the resources they provide based on a resident’s financial, professional, and household situation.

For residents looking to grow their finances through professional development, our team also provides on-site employment support. These opportunities include resume workshops, application support, and anything else that fits the needs and goals of our residents.

Financial Literacy Classes 

In addition to the immediate support provided by our Supportive Services team, we also provide resource connection and educational opportunities organized by our partners. This year, we have partnered with Huntington National Bank to host a finance-themed bingo event at Fountain Ridge and an identity theft informational session at Willow Green. Later this year, we are looking to partner with Chase Bank to continue our series of financial literacy classes.

Wealth-Building Opportunities

Our primary goal in providing financial literacy support is to provide residents with the skills they need to make their own, well-informed financial decisions. At two of our family communities, Sheridan Ridge and Willow Green, this goal has taken shape in the form of the Renter Wealth Creation Fund.

The Renter Wealth Creation Fund, established in partnership with Enterprise Community Partners, is a first of its kind opportunity where residents receive access to numerous wealth-building opportunities that have previously been reserved for homeowners. These opportunities include monthly cash back, resident services, and shared appreciation. The Renter Wealth Creation Fund was established toward the end of 2023, and we look forward to supporting residents in achieving their financial goals through this fund throughout 2024 and the years ahead.