Conn. Money School launches new online financial literacy tool

The Connecticut Association for Human Services (CAHS) recently announced the launch of Financial Avenue, a free, web-based financial education tool to complement its Connecticut Money School program.
Through the Money School, founded in 2009, CAHS and its partners have offered adults free financial literacy seminars on topics ranging from taxes to budgeting to the basics of banking and credit.
The Money School (CMS) is a partnership of CAHS and FSW Inc., based in Bridgeport; New Life Corp. based in New Haven; Co-opportunity Inc., based in Hartford; the United Way of Connecticut 2-1-1, based in Rocky Hill; and the Agency on Aging of South Central Connecticut, based in New Haven.
Financial Avenue was formed with the help of a $25,000 grant from First Niagara Bank Foundation, the charitable arm of First Niagara Financial Group Inc., in hopes of providing a virtual tool for those who are unable to attend the in-person CMS seminars, which are held several times each month in the Bridgeport, Danbury, New Haven, Norwalk and Stamford areas, among other parts of the state.
CMS manager Janet Hanscom said Financial Avenue is the result of nearly six months of planning and has already drawn interest from across the state.
“It”™s almost like taking a crash course in everything you need to know about saving your money and setting goals and making it all work for you,” Hanscom said. “The reason we looked into this type of tool was to broaden our scope.”
Hanscom said more than 3,000 people have participated in CMS programming to date.
With residents across the state and the country still struggling under the weight of student loans, credit card debt and mortgage payments, Hanscom said the creation of Financial Avenue is an important step in helping residents understand their financial options and resources available to them.
“By educating people we really want to give them the confidence to make sound financial choices and change that behavior,” she said. “If they have some issues with credit, maybe they don”™t understand how to interpret a credit report or maybe they got themselves in a little bit too much debt, we can help them figure out what they need to understand.”
Hanscom said the program is a “win-win” for banks such as First Niagara.
Paul McCraven, First Niagara”™s senior vice president of community development, said promoting increased financial know-how is important both for the bank itself and the community.
“We want to, as a financial institution, help people improve their financial position,” McCraven said. Additionally, he said, “From the bank”™s perspective, we want to connect with the community. You”™re always looking for new customers and people see what you”™re doing out there in the community and that helps ”¦ and then we want our customers to be knowledgeable.”
Notably, First Niagara has built up its presence in Fairfield County over the last year and a half with major acquisitions involving HSBC Bank USA branches and NewAlliance Bank branches located across southern Connecticut.