Savings products and advice on cutting the fat out of monthly budgets were a part of a toolkit distributed by Jacqueline Walls during workshops held at Super Tax Day in Baton Rouge. Her organization is not just hoping that financial literacy is good for the community and business – they are banking on it.
Walls, Vice President of Sales at La Capitol Federal Credit Union spent Saturday, February 25, 2023, with working families from the community and a collaborative called Bank on Baton Rouge. “We want to lift our members and the community as a whole,” she said. “Laying a good foundation for financial-wellbeing involves saving strategies.”
Topics included how savings and checking accounts complement each other, share certificates, and money-saving tips. “Make saving a family effort,” Walls said. “Conduct weekly family meetings to discuss ways to save money and manage debt wisely.”
The Capital Area United Way launched the Bank on Baton Rouge collaborative to bring together financial institutions, community organizations, and regulatory agencies to help individuals in the ALICE (Asset Limited, Income Constrained, Employed) population.
Organizers explain that the ALICE population is “working residents who are struggling to make ends meet, have little or no savings and are one emergency away from falling into poverty.”
ALICE households don't earn enough to afford the essentials of housing, child care, food, transportation, health care, a smartphone plan and taxes - all essential in the current job market. The ALICE population encompasses every race, age, gender, ethnicity, and a broad range of professions.
La Cap signed an agreement with the collaborative in October of 2022 and is now a Gold Partner in the group that includes credit unions, banks, and community nonprofit partners. Organizers said goals include helping the unbanked community open starter bank accounts and enter the financial mainstream so that they can begin saving, building a credit history, and investing for the future.
La Cap is deeply committed to the goals of providing financial literacy education and community resources. In addition to Bank on Baton Rouge, La Cap partners with ACHIEVE, Louisiana Association for Personal Financial Achievement.
For more on Bank on Baton Rouge, visit https://www.cauw.org/bankon.