According to a study by Nielsen and the National Newspaper Publishers Association (NNPA), Blacks are spending more than they can afford. The report, researched between 2000 and 2009, said that our estimated buying power is projected to be $1.1 trillion by 2015. However, according to the Bureau Labor of Statistics, which marks unemployment for Blacks at 13.7 percent, the numbers don’t add up.
With hopes of lessening this statistic, the Carver Community Development Corporation (CCDC), a subsidiary of Carver Federal Savings Bank, launched Mind Over Money in June to help teach minorities the importance of money management.
The program uses interactive demonstrations and discussions to teach budgeting, credit management, investor education and wealth building. CCDC offers free seminars to the public and hopes to empower participants to be smarter spenders and better savers.
Since its founding in 1998, Mind Over Money has had 150,000 participants in 29 states.
“We’re too much of a consumer and not too much of investors and savers; we need to become better at that,” said Terence Brunson, program director for Arches, a mentoring program for formerly incarcerated people.
For Ainsley Cain, a branch manager of Carver Bank, her interest in money management all started at home.
“When I was young, my parents brought me to the bank, and we established a small savings book,” Cain said. “I will always remember that.”
According to Mind Over Money, everyone should try to make your dollars make sense.
“Impulse spending is great for the economy, but not great for the individual,” Cain said.
The workshops are organized in collaboration with the Society for Financial Education and Professional Development (SFEPD).
“Carver’s financial partnership with SFEPD will allow hundreds of people within our neighborhood the opportunity to receive free, quality financial literacy counseling,” stated CCDC President Blondel A. Pinnock.
Experienced instructors from SFEPD, local Carver staff and members of CCDC will run and manage all workshops.