Financial Literacy and Financial Services Grants for Nonprofits

Estimations indicate that the majority of American adults are financially illiterate, not able to fully understand the impacts and implications of their own financial decisions. Similarly, many American adults are underbanked, without access to the financial institutions that could help them be more financially secure and stable.

There are many nonprofits whose mission is to bridge this gap, and improve financial literacy and services, with many targeting communities where financial service options are at their lowest. These nonprofits use generous funding from financial literacy grants to help these communities become more financially knowledgeable, with the information needed to make informed financial decisions, build their wealth and achieve financial stability.

The financial literacy grants can be used for many purposes. These include educational programs and community workshops to improve financial literacy, or the implementation of new digital or brick and mortar financial services.

These financial literacy grants can come from a wide range of sources. Sometimes, financial or state agencies will provide financial literacy and financial services grants. There are also many private foundations who specialize in these kinds of grants, such as the FINRA Investor Education Foundation. Often, corporate social responsibility initiatives from banks and credit unions may also provide funding and support in this area.

When drafting a proposal for a financial literacy grant, it's important to rigorously research the data needed to prove the need for support in your nonprofit’s area of operations. Data that you might want to start collecting includes financial literacy rates, consumer debt rates and information on specific economic challenges. You can look to local economic studies, or entities that specialize in collecting this kind of information, such as the National Financial Educators Council.

If you need more pointers on how to write great grant proposals, make sure to check out all our comprehensive material on the subject. You can also start to browse a wealth of excellent financial literacy grants above, all accepting applications.