Financial Education Innovator Recognition Program
Despite improvements in the national economy, 44 percent of New Mexico households still are in a persistent state of financial insecurity, which means that if faced with an emergency, they lack adequate savings to cover basic expenses for three months. Prosperity Now, a public policy organization in Washington, D.C., ranks New Mexico 50thin income poverty and 43rdin the number of households who don’t use traditional financial institutions, such as a bank or a credit union.
Specifically in Albuquerque, nine of its 11 ZIP codes have a poverty rate higher than the national average, with some approaching 2 ½ times that rate. Of the more than 222,000 households in Albuquerque, about 40 percent of them earn less than $42,000 annually, and 22 percent of families with children in these areas live in poverty.
A strong financial education has been shown to have a positive effect on the economic well-being of individuals and their families; and also predicts future healthy behaviors around savings, credit card usage, spending, and risk.
At the Nusenda Foundation, our aim is to help families keep what they earn, and to strengthen their safety net through savings and strong money management. We do this by:
- Increasing access to fairly priced, appropriate financial products and services.
- Providing individuals, families, and communities with information and programs as an alternative to high-cost products and practices that deplete family resources.
- Providing holistic, integrated services and financial education that supports building assets, affordable financial services, and consumer protections.
To honor those who help build strong financial educations, in 2018 we launched a Financial Education Innovator recognition program. These innovators are those in our community who, like us, are also dedicated to these causes.
The recognition program intends to showcase those in the community who are dedicated to increasing economic mobility and stability for their fellow New Mexicans, and are creating and carrying out innovative education strategies that improve financial well-being in their communities. These innovators can be from diverse backgrounds, such as community organizations, nonprofits, and education and government sectors.
Awardees will receive Nusenda Foundation support to help develop or grow their initiatives.