If we’ve learned nothing else from today’s record number of foreclosures, increasing student loan and credit card debt, and senior citizens failing to meet their retirement goals, it’s that many Americans lack the fundamental information needed to make good financial decisions. That’s not surprising. Even when data shows that financial literacy helps improve high school dropout rates, many schools still lack courses in personal finance. And adults don’t get a free pass, either. Despite the fact that financial literacy instruction helps businesses avoid losses attributed to financially stressed employees, currently estimated at $210 billion annually, most employers have been slow to recognize the benefits of providing on-site classes.
In an effort to address these shortcomings, Cambridge Credit Counseling has partnered with the Society for Financial Awareness (SOFA). The two non-profits are collaborating to bring meaningful and engaging financial literacy workshops to schools, family businesses and large organizations, and to offer support to those struggling with personal debt issues.
“SOFA’s mission of eliminating financial illiteracy through effective education is one we share wholeheartedly,” remarked Christopher Viale, Cambridge president and CEO. “Non-profit relationships like the one between SOFA and Cambridge are a great way of bringing our valuable resources to people struggling to find their way financially. We’re really looking forward to working with SOFA members.”
SOFA is a non-profit corporation, comprised of Certified Public Accountants, Estate Planning Attorneys, Financial Advisors, Insurance Professionals, Realtors, Health and Wellness Experts, Mortgage Brokers, and other specialized business professionals. SOFA members conduct their education programs at no charge, and they provide free financial consultations for seminar participants.
“Knowing that Cambridge and their great people are working to support SOFA’s role in ending financial illiteracy is indeed an honor for the SOFA and its membership,” said Jim Chilton, CEO and Founder.