DALLAS – Transformance Inc., a 42-year-old nonprofit organization providing financial counseling, outreach and education, recently formed a strategic partnership with Clay Piggy LLC to serve Title I schools.
Under an initiative called Pocket Change Kids, Transformance will deliver community-based program elements in conjunction with financial institutions, private foundations and other sponsoring organizations seeking to sponsor youth-oriented financial education, a press release stated. Clay Piggy will provide an experiential e-learning platform transferring financial literacy knowledge and a common sense attitude toward money.
The need for an early start in the fundamentals of financial literacy is evident across North Texas. According to the Corporation for Enterprise Development (CFED) publication “Asset Poverty & Liquid Asset Poverty: 2015 Assets & Opportunity Scorecard,” the majority of low-to-moderate income households live paycheck to paycheck, don’t save for retirement and don’t have sufficient financial reserves to weather a financial crisis. In Dallas alone, approximately 68 percent of residents have subprime credit scores, 52 percent live in liquid- asset poverty and 36 percent are unbanked or underbanked.
Ken Goodgames, Transformance’s president and CEO, stated: “Our strategic partnership with Clay Piggy provides a multi-modal set of financial literacy offerings addressing a significant age gap in the educational landscape. Attitudes and behaviors towards money and financial accountability are formed early in life. But until now, financial literacy initiatives have failed to sufficiently address young learners, either because they are too focused on adults or geared toward short-term literacy rather than cultivating real capabilities and habits.”
“We designed Clay Piggy to provide a continuous learning environment so that core principles of personal financial capability are learned by students’ from early childhood on,” stated Narinder Budhiraja, Clay Piggy’s founder and CEO, in the release.
In an effort to have the maximum impact for the Pocket Change Kids initiative, Transformance will combine the e-learning offering with sponsor-supported live events, poster contests and additional opportunities to raise the awareness level.