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.