The National Black Church Initiative
Financial Literacy Program
The National Black Church Initiative
launches the most progressive
savings plan in the nation’s history,
asking African American families to
save one year’s salary over the
next seven years with its Savings
for Life Program.
This is an ambitious, bold, and
historic move on behalf of the Black
Church.
NBCI Savings for Life Initiative
will provide the framework for a
community-wide program to
reach those in need of financial
literacy services, help those in
need, and finally – to diminish
financial burdens through
substantive, long term strategic
planning.
NBCI Budget
Calculator
Creating and following a
budget is an essential
component to financial
success.
Please see the handout we’ve
provided to calculate a
workable budget and identify
areas for saving – for
example, your cable bill.
According to the 2009 Consumer Financial Literacy
Survey:

54% of African Americans, significantly more
than their white counterparts, strongly agree
that they could use answers to everyday
financial questions from a professional.

African American adults were less likely than
Caucasian adults to have learned personal
finance information from school.
The Jump Start Survey by Operation Hope
indicates that African American students
are, on average, only about 80% as
financially literate as their white student
counterparts.
84% of African American credit cardholders
carry a credit card balance, compared to 75%
of Hispanics and 51% of whites.
Low- and middle-income households have an
average of $8,650 in credit card debt.
The 2009 Financial Literacy Survey conducted by
the National Foundation for Credit Counseling
indicates that 26% of Americans said that they do
not pay all of their bills on time.
Among African-Americans,
this number is 51%.
According to a recent study conducted by
the Institute on Assets and Social Policy
(IASP) at Brandeis University:
“The wealth disparity between white and
black households has more than quadrupled,
regardless of income bracket.”
According to a recent study conducted by
the Institute on Assets and Social Policy
(IASP) at Brandeis University:
The average white family in the
sample group held around $95,000
more in assets than the average black
family.
According to a recent study conducted by
the Institute on Assets and Social Policy
(IASP) at Brandeis University:
Middle-income white families have
more assets (stocks, bonds, business
interests, real estate) than do highincome black families.
According to recent US Census Bureau data,
24.7% of all African-American live in poverty
in comparison to 8.6% of all non-Hispanic
White, 11.8% of all Asian-American and
23.2% of all Hispanic.”
Pastor DeForest Soaries of First
Baptist Church of Lincoln Gardens,
New Jersey has written a
revolutionary book:
dfree:
Breaking Free From Financial
Slavery.
Today, dfree™ has liberated
thousands of people from financial
slavery.
“The issue of consumer debt is
destroying the country,” says Pastor
DeForest.
“The Bible calls debt slavery. The
borrower is slave to the lender. So
anything we submit ourselves to is
bondage.”
Here are three steps to get
started:
Step 1: Admit the problem.
Credit card debt continues to
threaten the financial stability of
many low-and middle-income
families, hampering their ability to
save and move up the economic
ladder. Live within your means
and eliminate the use of credit
cards.
Step 2. Address the mess.
We are living in the midst of
constant marketing. Practice
delayed gratification. Examine the
psychology of your spending
habits. Make a list of all your
income sources and a list of all your
debts.
Step 3. Adjust the attitude.
Compile a written list of
everything you spend money
on. You will see exactly where
your money goes.
Congregants have a responsibility to help fund
church activities – we need your help!
Over the next 52 weeks we encourage you to
donate your spare change to the church to fund
the extraordinary programs that define the church.
Every cent counts! We can do miraculous things.
The black church needs to save – we encourage
all 34,000 NBCI member churches to participate.
$1 Million Dollars Can Be Raised in 6 Weeks
The National Black Church Initiative is a coalition of
34,000 churches spanning 15 denominations and
representing 15.7 million African Americans
committed to eradicating racial disparities.
With over 20 years of experience as a leader in the
faith-based community we are committed to
developing programs that work.
Visit our website for more information: