In the spirit of financial literacy month, we celebrate the completion of the first 8-week course of Tzedek DC's Young Adult Financial Empowerment Program (YEP). Congratulations are in order for the 18 graduates of this first cohort, whose commitment to financial literacy is an inspiration to us all.
Over the 2023-2024 pilot year, this program will offer four eight-week courses. The first YEP cohort of 18 participants began in November 2023 and graduated on February 8, 2024, and the second cohort is currently more than halfway through. Each course includes eight financial education workshops plus free financial and credit counseling, designed to provide young DC residents with basic financial knowledge, tools, and resources. Throughout this transformative program, our dedicated participants not only enhanced their financial literacy but also took significant strides toward building a secure and prosperous future for themselves. From mastering spending plan techniques to navigating the complexities of investing, each participant has demonstrated a strong commitment to personal growth and financial empowerment.
In Cohort 1, 100% of participants said they “made changes to their financial habits or decisions as a result of this program.” One participant shared that when she began the program, she owed “$10,000 in credit cards” and other expenses. By the end of the 8-week course, she had reduced her debt by over $5,000 and now only owes $4,600. She was able to achieve this substantial reduction of her debt by “paying more than the minimum due and spending less”—a direct application of the skills she had learned in the program.
In addition to the direct skills participants acquired, many also said this program boosted their overall financial confidence. When asked, “How did the program alter your perspective on personal finance?” one participant wrote, “It made me believe that acquiring financial freedom is attainable.” Another participant confided that the program helped alleviate some of her anxiety and “provided hope for a certain path to financial management and freedom.” A third participant said the program taught him “there is a solution in my reach.”
YEP participants are not only absorbing valuable knowledge from the workshops themselves but are sharing the content with their communities! Participants from both Cohorts 1 and 2 said they’ve shared the lessons from the sessions with their children, parents, friends, and family.
YEP’s third course will start in the first week of June. If you are interested in learning more or registering for the third course, please email Sophie Adler, program coordinator: sa@tzedekdc.org
As we continue to celebrate Financial Literacy Month and reflect on the achievements of our first YEP graduates, we invite you to join us in acknowledging their resilience, determination, and dedication. Their accomplishments highlight the potentially transformative impact of education and mentorship in shaping the trajectory of young adults' lives. Let's celebrate not only their successes but also the impact they're poised to make as financially empowered individuals within their communities and beyond.
Here's to a future filled with prosperity, empowerment, and continued learning!