FoodChange’s Financial Education program lays the foundation for long-term financial empowerment for low-income New Yorkers by providing a platform for financial literacy, budgetary disciplines and sound saving strategies.

The first of FoodChange’s Financial Education initiatives is an Individual Development Account (IDA) program targeted at the Harlem community. This savings program encourages clients to save by matching the amount they put away in the bank. The program will provide educational opportunity, financial assistance and training and nutritional education to 30 Harlem residents. Through the process of asset-building over time, we provide participants with the funds to have a family member attend college or vocational school. We also create a comprehensive package of financial services to support their savings effort in the IDA program and provide client-specific resources for their future financial stability.

In Harlem, FoodChange is already an active participant in providing financial services to low-income New Yorkers, running the Earned Income Tax Credit and Free Tax Assistance Campaign to get people the money they are entitled to in tax credits. The Harlem tax site, our Food and Finance Center, was the country’s highest volume non-commercial tax preparation site in 2004 and is the site of our Tax Academy, where we train New Yorkers to become tax preparers. FoodChange will recruit participants from our pool of clients that have used our free quality tax services.

The IDA program and other financial education initiatives are based out of our Food and Finance Center in Harlem and will launch in Spring 2005.

For more information, contact P.J. Kim, Director, Income Policy at pjkim@foodchange.org.