Financial Literacy & Asset Building
As the song goes, "money makes the world go around..." And although talking
about money can be difficult with families living paycheck to paycheck, kids and
parents talking about money together can create a fun learning opportunity and
families can make important decisions for the future. DTYCTS provides a unique
opportunity to talk to fathers and children about the importance of good money
management, such as affordable banking, tax refunds and free tax preparation
services as well as programs to assist in addressing credit/debt issues or
receiving matched funding for savings efforts. Programs could be focused for
just the kids, just the dads, or the dads and kids together.
The following asset building activities could be made available:
Invite representatives from local banks or credit unions to help fathers open child savings accounts.
- Many financial institutions offer affordable, accessible products with minimal ongoing costs to meet the varying needs of fathers in the community.
Financial educators could provide a 15‐30 minute interactive presentation on such topics as:
- Tools and strategies for long‐term savings for your child’s future (such as NY state’s 529 College Savings Program)
- Volunteer Income Tax Assistance sites in the community could present on the benefits of free tax preparation as well as the many tax credits that may be available for fathers, including the Non‐Custodial Parent Earned Income Tax Credit, uniquely available in New York State.
Matched savings programs—where each dollar saved is matched by dollars from a grant program could be on hand to present about their program and sign fathers up for the program onsite.
- Ask a local Lions Club, Chamber of Commerce, or fraternal organization to donate funds that could match the savings of your students—dollar for dollar—for a one‐week savings challenge.