UNIVERSITY PARK, Pa. - A new program from Penn State Cooperative Extension will help build financial independence and wealth in low- to moderate-income families by teaching parents the basics of money management through workshops in local communities.

The program, "Fostering Family Financial Education," is a two-year community-based project supported by a $100,000 grant from the Heinz Endowments. Extension educators will work with community organizations, local libraries and the Pennsylvania Office of Financial Education to establish programs in Westmoreland and Indiana Counties, hosting 40 adults and their children in a pilot project.

"Financial practices, like many other habits, are learned behaviors that can be taught by education or by trial-and-error," says Cathy Bowen, associate professor of consumer issues programs in Penn State's College of Agricultural Sciences. "As a nation, we're illiterate about basic financial matters. This project will use two well-respected community entities -- Penn State Extension and public libraries -- to strengthen the community's positive financial habits as it builds the relationships between parents and children by giving them a common goal -- learning about money matters."

"Fostering Family Financial Education" will use afternoon and early-evening instructional sessions to address such topics as planning personal and family spending, saving, setting goals, making choices, credit management and financial recordkeeping. Parents will attend sessions on the topics while their children listen to age-appropriate stories and participate in hands-on activities related to the same theme. Parents and children will leave with materials that reinforce the weekly theme and encourage practicing positive habits.

Collaborators are hopeful that project participants will increase their financial literacy and adopt fiscal practices that provide a firm foundation for a stable financial future. Bowen says their neighborhoods will benefit from this program, as well.

"The pilot communities may see an increase in closer-knit, more financially stable families, and an increased appreciation for libraries, books and other local resources on financial topics," she says. "In addition, other communities will have access to a detailed curriculum that can be used to implement the program locally."

Penn State Extension is a nonformal, community-based educational resource, funded cooperatively by state and county governments and the U.S. Department of Agriculture. Each year, more than 2 million people participate in extension programs in agriculture; natural resources and environmental management; 4-H/youth development; community resources and economic development; family development and resource management; leadership and volunteer development; and nutrition, diet and health.

The Heinz Endowments support efforts to make southwestern Pennsylvania a premier place to live and work, a center of learning and educational excellence, and a home to diversity and inclusion. One of the largest and most innovative independent philanthropic foundations in the country, the endowments awarded more than $53 million in grants in 2004.

For more information on the program, contact Cathy Bowen at 814-863-7870.

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EDITORS: Contact Cathy Bowen at (814) 863-7870, or by e-mail at cbowen@psu.edu.

Writer-Editor: Gary Abdullah Office 814-863-2708