Support groups provide a social experience for sharing personal stories as a means of understanding their experiences, finding their own voices, and raising their self- esteem. The need for budgeting financial resources and wise use of credit are most often felt by those with low personal incomes or who are in debt. The purpose of this study was to determine those characteristics of financial management education that promote adoption of recommended financial practices. Inputs in the study include age, marital status, education level, employment status, income, satisfaction with personal financial situation, and financial practices completed prior to program enrollment. Throughputs consist of the individual's perception of competency in managing finances, use of program workbooks, and influence of other participants in the group setting.
Output is the adoption of recommended financial management practices.
Examples of recommended financial practices include record keeping, goal setting, spending plans, funds for emergencies, wise use of credit, regular savings, insurance, retirement plans, and investments. WFIP encourages participants to take personal responsibility for financial management decisions through a series of lessons featuring speakers, workbooks, and small group discussions. At each session of the seven-week series, participants listen to invited professionals speak on topics suggested in the program materials. Then participants meet in small groups for discussion of workbook lessons and the speaker's comments. If additional information is needed, participants are encouraged to contact financial professionals to seek answers and to share findings at the next meeting.