A $10,000 SunTrust Foundation grant funds creation of mobile app to help users become more financially savvy while tracking their finances
SARASOTA/BRADENTON, FL – With the support of a grant of $10,000 last year from SunTrust Foundation, Goodwill Manasota has launched an app called “Show Me the Good Money,” which will help users develop the skills needed to successfully manage personal finances and transition from poverty to economic independence. The app, which is free, is available at the Google Play store by searching “Show Me the Good Money.” SunTrust Foundation and Goodwill Manasota are pleased to continue to promote and expand the reach of existing financial literacy training for low- and moderate-income workers as well as adolescents in the community.
With the dramatic increase in the use of mobile technology in all age groups, apps offer a quick, easy and engaging way to gain financial knowledge for users of all ages. With the “Good Money” app, Goodwill has focused on learning areas including “Checkbook 101,” wealth accumulation, and managing savings. It covers a wide range of topics that will keep users on top of their money and better understand the consequences of their financial decisions.
“We know that employment is just the first step in the long road to financial security. If someone has never learned how to budget or been taught financial literacy, the chances for self-sufficiency are greatly reduced,” said Bob Rosinsky, president and CEO of Goodwill Manasota. “We appreciate the support of generous partners like the SunTrust Foundation as we strive for innovative ways to strengthen, employ, and educate our community in all areas related to employment and financial management.”
According to the Finance Project, a nonprofit firm specializing in sustainability strategies, changes in personal finances such as decreased personal savings, increased debt, the advent of welfare reform, an increasingly diverse population that may not be familiar with the U.S. financial system, and new technologies have illuminated the need for personal financial management. It reports, “Workers lack the knowledge and tools necessary to make educated decisions related to budgeting, savings, and investments.”
Research has demonstrated the positive impact of financial literacy training on low- and moderate-income workers and young adults, finding that the majority of program participants changed the way they budgeted and paid bills. As part of its efforts to help its employees reach their professional and personal goals, Goodwill Manasota has offered on-the-clock financial literacy training to its employees for over a decade.
SunTrust Foundation has provided support for Goodwill’s financial literacy programs for the past few years. The grants have been used to launch an internal financial literacy pilot program and then increase the reach and impact of the financial literacy coach at Goodwill, with the goal of helping participants better understand topics such as credit counseling, online banking and consumer credit.
“On behalf of the SunTrust Foundation, we’re thrilled to partner with Goodwill Manasota to launch this innovative personal finance app," said Tim Schar, Tampa Bay market president for SunTrust Bank. "SunTrust has had a long-standing partnership with Goodwill to deliver financial literacy and career development skills. Together, we share a purpose of helping everyone in our community achieve financial confidence."
For more information about Goodwill, go to experiencegoodwill.org or call (941) 355-2721.
PHOTO ID: Tim Schar (center) of SunTrust Bank with Pavitra Ciavardone (left) and Gray Videnka of Goodwill Manasota
About Goodwill Manasota
Goodwill Manasota is an industry-leading, 501(c)(3), not-for-profit organization that changes lives through the power of work. With the sales of donated goods and philanthropic donations, Goodwill is able to assist people with disabilities and other barriers to employment by providing job skills training and employment opportunities. In 2017, Goodwill Manasota served 11,672 people, placed 555 people in jobs, assisted 360 veterans as they reintegrated back into the civilian workforce, and provided 19,540 hours of on-the-clock training for its employees. Goodwill Manasota’s economic impact back to the community is worth $92.1 million. Goodwill is one of the pioneers of the reduce-reuse-recycle movement and this past year diverted more than 41 million pounds out of the landfill. Goodwill Manasota is accountable to a local Board of Directors. Goodwill Manasota, in essence, belongs to this community and is not owned by any individual or company. For more information, visit www.experiencegoodwill.org.
About SunTrust Foundation
The SunTrust Foundation is committed to SunTrust Bank’s purpose of Lighting the Way to Financial Well-Being by engaging with local and national organizations to advance financial confidence. Grants and activities focus primarily on financial education, financial counseling, career readiness and small business/entrepreneurship, in addition to local community grants. The SunTrust Foundation supports American Red Cross disaster relief efforts and contributes as a United Way Global Corporate Leader. Established in 2008, the SunTrust Foundation has proudly provided grants totaling more than$128 million throughout the United States.