Providing financial education has been shown to have a positive effect on the economic well-being of individuals and their families. Having a strong financial education also predicts future healthy behavior around savings, credit card usage, spending, and risk.
Despite improvements in the national economy, 44% 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 50th in income poverty and 43rd in the number of unbanked households.
Specifically in Albuquerque, nine of its 11 ZIP codes have a poverty rate greater than the national average, with some approaching 2½ times that rate. Of the more than 222,000 households in the Albuquerque, about 40% of them earn less than $42,000 annually, and 22% of families with children in these areas live in poverty.
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:
Financial Education Innovators are those individuals and partners in the communities we serve who, like us, are dedicated to increasing economic mobility, asset building, and stability for New Mexicans. They can come from diverse backgrounds, such as community organizations, nonprofits, education and government sectors.
Throughout the year, the Nusenda Foundation plans to recognize those who are creating and carrying out innovative education strategies that improve financial well-being in their communities. Awardees will receive Foundation support to help develop or grow their initiatives.
How to Nominate an Innovator
To nominate a Financial Education Innovator in your community, please use our nomination form.