The Babson Financial Literacy Project
About the Babson Financial Literacy Project
Consistent with Babson’s mission to create great economic and social value everywhere, the Babson Financial Literacy Project (BFLP) is a new initiative designed to advance the long-term prosperity and financial independence of adults by helping them learn to manage their personal finances. This program is ideal for young adults, ages 18-25, who do not otherwise have access to financial education. The goal of this program is to provide these young adults with the skills and knowledge they need to make informed financial decisions.
How the Program Is Designed
The BFLP will train coaches within partner organizations through a combination of in-person training, and online material. BFLP also will provide continuous support through early delivery sessions. Coaches will have access to the content they need to teach through an online platform including detailed instructions on facilitating discussions, case studies and solutions, and assessments. This delivery approach allows partner organizations to tailor the timing and location of delivery to meet programmatic needs.
The program then provides students with self-study units accessible online, face-to-face interactive discussions, case studies and exercises to reinforce and extend the self-study preparation, and online assessments for each module through the online/mobile platform.
By the end of the program, participants will understand the basics of setting goals, planning, paycheck deductions, banking, borrowing, and investing. They will demonstrate proficiency in:
- Setting financial goals and identifying spending priorities, developing a personal budget and savings plan for the future
- Understanding credit scores and how to compare credit cards and other loans
- Choosing a bank and savings vehicles, including 401(K) plans, traditional IRAs, and Roth IRAs
- Deciding whether and how to purchase auto, health, and renter’s insurance
- Understanding the financial implications of buying or renting housing