NU Online News Service, May 9, 9 a.m. EDT--The St. Paul's Travelers Foundation has contributed $75,000 to the NeighborWorks Financial Fitness program.
According to a NeighborWorks news release, funding will support NeighborWorks organizations nationwide in their efforts to teach lower-income consumers the financial skills to save, invest and grow their resources.
"The U.S. financial system is not only complex but also laden with institutional barriers and potential pitfalls," said NeighborWorks American CEO Kenneth Wade. "With the support of our longtime partner, St. Paul Travelers, consumers will learn how to get the most out of their investment and avoid falling into lending traps that eventually lead to foreclosure and financial ruin."
Mary Pickard, president of The St. Paul Travelers Foundation, sees financial literacy as critical for families and communities.
"Managing finances and accessing credit can be daunting tasks for low-income families," Ms. Pickard said. "And without help, many low-income homeowners are just one crisis away from facing foreclosure and being out on the streets. That's why we support programs like Financial Fitness."
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