About FLEP Non- Profit Organization Support the City of El Paso in achieving goals for improving the financial literacy from youth to senior citizens.
Our Suggested Proposal Help high school students develop the ability to use knowledge and skills to manage financial resources effectively throughout their lifetime. Enhance finance class in high schools to help students understand the basics of finance as well as applying skills they will develop to help them manage their own personal finances responsibly. GECU
Finalized Proposal Our proposal requests that the FLEP personal high school finance class be a required course in the high school diploma curriculum.
Workshop Approach Early Stages In the early stages of the plan we are working on financial literacy courses that deal with hands on real-life scenarios with common- sense solutions. Once we have grown enough, we plan on partnering with a non-profit like YWCA for a shared office location thus providing advanced services to people who wish to obtain information about stockownership, equity sharing, and retirement plans. High Schools In the high schools, we plan on transforming the blueprint into a computerized simulation based on an online widget. This program will be assigned to students to compete as they start out as a youth and make wise decisions that will transform them into a retiree living with a comfortable outcome. Partnering with the Texas Workforce Commission to introduce resume workshops, cover letters and interviews as assignments.
Financial Literacy Intangible Measurements Following is a complete list of all intangible evidence used to measure success:
Cost Analysis This section of our proposal provides detailed costs information for the FLEP workshop presentations to the Ysleta Independent School District. It then brakes down the sub cost per workshop, along per the total cost of the proposal. GECU Software Daily Price# of daysTotal Price Overhead Projector$20.0020$400.00 Paper and supplies$40.0020$800.00 IT Support$140.0020$2,800.00 Total Price$200.0020$4,000.00 YISD Incurred Cost Daily Price # of days Total Price FLEP Staff$70.0020$1,400.00 Misc. Supplies$40.0020$800.00 Total Price$110.0020$2,200.00
EXPECTED RESULTS We expect our proposed solution to The City of El Paso’s requirements to provide the following results: Financial Benefits Decreasing the default rate on El Paso Community College student loan default rate from 14% in 2009 to below 10% by 2030 and decrease the University of Texas at El Paso student loan default rate from 11.4% in 2009 to below the 2006 default rate of 5.8% by 2030. Show significant growth between the average credit score of an attendee of the program as compared the average credit score in El Paso. Increase homeownership while decreasing the foreclosure rates by 2030
Conclusion Developing a personal finance course will be the foundation needed to establish El Paso as the most financial literate culture in the nation. For individuals, poor savings and investment decisions may carry serious implications for long-term financial security. With the shift to defined- contribution pension plans and uncertainty about government Social Security, American households are being increasingly called upon to undertake their own financial planning for retirement. As noted above, a more fundamental problem may be that large segments of the Border population have low levels of financial literacy. Finally, we will take the data obtained and lobby mandate this course to every school district in the City of El Paso. The whole project will be expected to take 5 years, a realistic and detailed proposal is included.