As owner and manager of over 170 multifamily residential real estate properties, Urban American Management strives to enhance their residents’ lives and the quality of the community. To further accomplish this endeavor, in August of 2012, Urban American Management partnered with The Street Academy for Financial Literacy to provide financial education for residents.
Financial literacy involves having the necessary knowledge to manage debt and credit and to make financially responsible decisions. Studies have shown that there is a strong link between poverty and poor financial literacy. Unwise financial decisions that are often made in desperation contribute to the rise of debt and the fall of credit scores, which keeps struggling families from attaining financial security.
However, programs that teach basic money management skills can contribute greatly to helping low-income families get out of poverty. Not only does such education help families in the day-to-day financial struggle, but it also helps earners to prepare for retirement, avoid bankruptcy, and even find ways to invest. Furthermore, financial literacy can improve the economic health of an entire community.