Financial Education & Homebuyer Education

Workshops Help Strengthen our communities.

Families need basic information about credit, budgeting, and buying a home so they are prepared to make solid financial decisions, and avoid becoming victims of scams and predatory lending practices. Our Financial Education and Home Buyer Education Workshops allow families to become financially stable and provides them with the tools they need to reach their financial goals. By providing those tools, our workshops help expand the pool of eligible home buyers, help communities maintain the value of their homes, and help to prevent families from becoming homeless.

 

According to the 2015 Consumer Financial Literacy Survey, only 40% of adults say they have a budget and keep close track of their spending and 29% are not saving for retirement; yet, the responses show that their top 2 concerns stem from a lack of emergency and retirement savings; 30% do not feel confident about retiring.

The survey also shows that 75% of adults believe that they could benefit from professional financial advice. Concerning credit, 52% of adults haven’t viewed their credit score and 66% haven’t reviewed their credit reports within the last 12 months. Many do not understand what information is listed on credit reports, 24% do not pay their bills on time.

Of those polled who are repaying student loans, 76% feel they have impacted their finances, 50% have no emergency savings, 38% can’t afford retirement savings, and 16% have trouble affording basic needs.

 

The 2014 Homeownership Counseling Study showed “that a two-hour pre-purchase homeownership workshop and one-on-one pre-purchase counseling improved the study participants’ financial credit worthiness as they prepared to qualify for a home mortgage” (Smith, Hochberg, and Greene, pg. 17). 

 

 

 

 

 

Since 2002 Alice Yeoman, Education Manager for Northern Homes CDC, has been providing Home Buyer Education and Financial Capability Workshops to Northern Michigan residents. Upon completing our workshops, participants become eligible for One-on-one Counseling services which include credit analysis, budget analysis and creating an action plan designed to reach their goals. Our counseling services are free of charge, and cover Crawford, Otsego, Antrim, Charlevoix, Emmet, Cheboygan and Roscommon counties.

 

Alice PR

 Education Manager: Alice Yeoman

 

References:

 

National Foundation For Credit Counseling (NFCC) (2015). The 2015 consumer financial literacy survey. Harris

          Poll. Retrieved on 05/03/2016 from

               https://www.nfcc.org/wp-content/uploads/2015/04/NFCC_2015_Financial_Literacy_Survey_FINAL.pdf

 

 

Smith, M., Hochberg, D., and Greene, W (2014). The effectiveness of pre-purchase homeownership

 

counseling and financial management skills: A special report by the Community Development

 

Studies and Education Department. Federal Reserve Bank of Philadelphia. Retrieved on May 3,

 

2016, from https://www.philadelphiafed.org/community-development/homeownership-counseling-study.

 

 

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