Financial literacy education: Meeting people where they are

Kristin Pugh often wonders what financial literacy advice or education someone could have given her mother that would have eased her financial stress. And that inspires her to educate others so they can find their own financial footing.

Pugh is a wealth manager with Creative Planning in Atlanta.

“I am the underserved that I serve today,” she said, as she recalled growing up as a child of a struggling single mother. In volunteering to help others learn more about finances, “I know what it feels like to be in that place.”

“What information would have empowered me at that time to do something different or something better? You always you start from that mentality. And I always go back to, if I were my mom, what would I have needed to know that would have been helpful? What could she have known or have done that would have made her life a little less stressful?”

Pugh works with several organizations in the Atlanta area to help members of her community increase their financial literacy. She volunteers with America Saves as well as with the Foundation for Financial Planning.

She was a speaker during America Saves Week activities in Atlanta the week of Feb. 27-March 3. America Saves Week is an annual observance during which Americans are asked to commit to saving successfully. Thousands of participating organizations join together to encourage individuals to get a clear view of their finances, set savings goals and create a plan to achieve those goals.

“We talked about how to think about budgeting and ways to save,” she said. “It also was an opportunity for people to pick my brain on all things regarding different types of savings vehicles, different types of retirement accounts, things like that.”

Pugh also is active with her local chapter of the Financial Planning Association and she said her involvement provides her with many volunteer opportunities to help others improve their financial literacy.

“We put together various events and partnerships with local nonprofits,” she said. “I volunteer through that, whether I’m presenting webinars or meeting one-on-one with individuals who come to us because they need pro bono planning.”

She also works with the Foundation for Financial Planning’s planner match program. The program includes a platform where a planner can volunteer to do pro bono work with a nonprofit that is partnered with the foundation.

One such nonprofit that she worked with through the match program is the Atlanta Volunteer Lawyers Foundation. In a recent foundation session, the attorneys met with people who needed representation in fair housing issues. The attorneys asked the individuals they were working with if they wanted professional financial planning help, and that’s where Pugh came in.

“We meet and have discussions with people to determine whether they want a longer-term engagement,” she said. “We work with them over a period of six months. We try to understand their goals. We discuss all the areas of planning – not just savings and investment. We talk about cash flow, tax planning, insurance, estate planning, making sure beneficiary designations are correct or you have your appropriate documents set up.”

She also has worked with the Atlanta Beltline project, which serves residents of a historic area of Atlanta. She recently conducted a webinar on budgeting.

Pugh said that many of the people she works with have questions about investing in the stock market, buying a home or establishing an emergency fund.

“You have to meet people where they are,” she said. “It is a huge step to sit down with someone to talk about money. In a lot of cultures, you don’t speak about money, let along speak about it with a stranger. But once you have that conversation, you see someone’s confidence multiply.”

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected].