The National Black Church Initiative Financial Literacy Program

The National Black Church Initiative Financial Literacy Program

The National Black Church Initiative launches the most progressive savings plan in the nation’s history, asking African American families to save one year’s salary over the next seven years with its Savings for Life Program. This is an ambitious, bold, and historic move on behalf of the Black Church.

NBCI Savings for Life Initiative will provide the framework for a community-wide program to reach those in need of financial literacy services, help those in need, and finally – to diminish financial burdens through substantive, long term strategic planning.

NBCI Budget Calculator

Creating and following a budget is an essential component to financial success. Please see the handout we’ve provided to calculate a workable budget and identify areas for saving – for example, your cable bill.

According to the 2009 Consumer Financial Literacy Survey: 

54% of African Americans, significantly more than their white counterparts, strongly agree that they could use answers to everyday financial questions from a professional.

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African American adults were less likely than Caucasian adults to have learned personal finance information from school.

The Jump Start Survey by Operation Hope indicates that African American students are, on average, only about 80% as financially literate as their white student counterparts.

84% of African American credit cardholders carry a credit card balance, compared to 75% of Hispanics and 51% of whites.

Low- and middle-income households have an average of $8,650 in credit card debt.

The 2009 Financial Literacy Survey conducted by the National Foundation for Credit Counseling indicates that 26% of Americans said that they do not pay all of their bills on time. Among African-Americans, this number is 51%.

According to a recent study conducted by the Institute on Assets and Social Policy (IASP) at Brandeis University: “The wealth disparity between white and black households has more than quadrupled, regardless of income bracket.”

According to a recent study conducted by the Institute on Assets and Social Policy (IASP) at Brandeis University:

The average white family in the sample group held around $95,000 more in assets than the average black family.

According to a recent study conducted by the Institute on Assets and Social Policy (IASP) at Brandeis University:

Middle-income white families have more assets (stocks, bonds, business interests, real estate) than do highincome black families.

According to recent US Census Bureau data, 24.7% of all African-American live in poverty in comparison to 8.6% of all non-Hispanic White, 11.8% of all Asian-American and 23.2% of all Hispanic.”

Pastor DeForest Soaries of First Baptist Church of Lincoln Gardens, New Jersey has written a revolutionary book:

dfree: Breaking Free From Financial Slavery.

Today, dfree™ has liberated thousands of people from financial slavery. “The issue of consumer debt is destroying the country,” says Pastor DeForest. “The Bible calls debt slavery. The borrower is slave to the lender. So anything we submit ourselves to is bondage.”

Here are three steps to get started: Step 1: Admit the problem. Credit card debt continues to threaten the financial stability of many low-and middle-income families, hampering their ability to save and move up the economic ladder. Live within your means and eliminate the use of credit cards.

Step 2. Address the mess. We are living in the midst of constant marketing. Practice delayed gratification. Examine the psychology of your spending habits. Make a list of all your income sources and a list of all your debts.

Step 3. Adjust the attitude. Compile a written list of everything you spend money on. You will see exactly where your money goes.

Congregants have a responsibility to help fund church activities – we need your help! Over the next 52 weeks we encourage you to donate your spare change to the church to fund the extraordinary programs that define the church. Every cent counts! We can do miraculous things. The black church needs to save – we encourage all 34,000 NBCI member churches to participate. $1 Million Dollars Can Be Raised in 6 Weeks

The National Black Church Initiative is a coalition of 34,000 churches spanning 15 denominations and representing 15.7 million African Americans committed to eradicating racial disparities. With over 20 years of experience as a leader in the faith-based community we are committed to developing programs that work.

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