Launched in 2006, the Financial Education Institute (FEI)/Individual Development Accounts Program (IDA) is designed for youth and adults, and is an extension of Ifetayo’s Rites of Passage Programs.
The Rites of Passage program operates during in school and after school hours. The program provides an educational structure and a nurturing community to build participants’ intellectual and emotional skills, and prepares them to grow into independent, compassionate, self-confident men and women.
The financial education training gained through the FEI/IDA is fully integrated into Rites programming. FEI addresses a glaring need for financial education in a community where most participants are live below the poverty level and have no accumulated wealth through asset development. Using the culturally relevant curriculum from Building Native Communities: Financial Skills for Families, a financial education model created by the Fannie Mae Foundation and First Nations Development Institute, integrates the ways that people in traditional cultures approach savings and sharing with contemporary models.
The FEI is offered at levels appropriate to each Rites group. For Rites alumni the curriculum provides basic financial education training including improved saving, credit repair, credit creation, and financial management. These classes will occur as a part of a six week series.
Operating within a holistic model, FEI includes workshops for parents and family members of participants. The adult series shares strategies towards building financial freedom through workshops on budgeting, credit creation and repair as well as investment opportunities and how to create wealth within their family unit.
Classes are taught by both volunteers with professional expertise in finance and Rites faculty. Students in the Rites program also receive College and Career Coaching to prepare them for admission and completion of college.
All Pre-Rites and Rites Participants, and Rites Graduates participate in the Individual Development Accounts (IDA) Program, a savings account in which they deposit money on a monthly basis towards the pursuit of a college education. Ifetayo provides a match of 2:1 on the amount saved to further their college education goals.Operating within a holistic model, FEI includes workshops for parents and family members of participants. The adult series shares strategies towards building financial freedom through workshops on budgeting, credit creation and repair as well as investment opportunities and how to create wealth within their family unit.