Many families use the services of a financial adviser to set up their household budgets, manage their investments and squeeze the most out of their income each year. But this type of service remains out-of-reach for thousands of lower-income families that could potentially change their fates with such advice. That’s about to change.

United Way of the Midlands in Omaha is one of 12 organizations nationwide to be awarded a grant from the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation. FINRA’s nearly $1.5 million in grants will extend the reach of community-based financial education programs across the country. The FINRA grant awarded to Omaha totals $121,672.

The funds will help United Way of the Midlands and four partner nonprofit agencies expand a small pilot program that was conducted with Omaha families in the Fall of 2009. United Way’s Financial Stability Partnership™ worked with Camp Fire USA Midlands Council to offer some of the agency’s client families 8 one-hour classroom sessions, along with one-on-one consultation with a household financial consultant.

The local team will focus the FINRA funds on providing financial education and consultation to low-income families headed by single mothers. These families will be identified by the partner agencies working with the Financial Stability Partnership™ on the program: Camp Fire USA Midlands Council, YWCA Omaha, Together Inc of Metropolitan Omaha and the West Central Community Action (WCCA) in Southwest Iowa. Eventually, the team plans to work with other nonprofit organizations to offer the program to a larger number of low-income families in the Omaha-Council Bluffs area.

In addition to the classroom work and budgeting advice, participants will also learn to use new money management software that's under development with a local partner. The software will help users track current spending and budget for the future.

The Financial Stability Partnership™ already works with a dozen local companies on the Workplace Financial Education (WFE) program. WFE’s classroom instruction takes place at the host company, making it convenient for workers to participate. They, too, receive one-on-one consultation with financial advisors. More than 850 local workers have taken the training over the past three years. In addition to the increased financial security realized by the participants, the companies also report positive results, including significant increases in worker retention and participation in retirement plans.

The FINRA Foundation grants were awarded as part of a new program, Financial Education in Your Community, which is administered jointly with United Way Worldwide.

About FINRA
FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing businesses in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation. FINRA registers and educates industry participants, examines securities firms, writes and enforces rules and federal securities laws, educates the investing public and provides trade reporting and other industry utilities. FINRA also administers the largest dispute resolution forum for investors and registered firms. For more information, visit www.finra.org.