UMPI program to offer household financial education

    PRESQUE ISLE – The economic downturn has affected many Mainers. To help local residents set a budget and connect with resources, University of Maine at Presque Isle business major Gwen DeFelice will lead a series of workshops that are free and open to the public.     The outreach is part of the Household Financial Education Initiative, a program of the University of Maine School of Economics, that aims to help individuals and businesses make ends meet in tough economic times. The Financial Education Initiative teaches Mainers how to evaluate their finances; create and stick to a budget; and find organizations and programs that can provide heating and financial assistance, including low-interest loans for home improvement or helping with weatherization.
    University of Maine graduate students Hugh Stevens and Sharon Hageman launched the program last fall, and it has since expanded into Aroostook County, with DeFelice as the regional representative. The program aims to educate Mainers about the three Bs: budgeting, banking and buying within one’s means. Stevens sees the lessons as an investment in Maine’s future.
    “Giving somebody money is a one-time action,” Stevens said. “We hope increased financial education will provide people with a long-term financial coping skill. Not only are we long-term in our outlook, the skill is long-term as well. In these difficult financial times the program is geared toward bringing the help to residents, recognizing they may not be able to travel to state agencies.”
    The program is funded by the U-Maine System, Maine Community Foundation and the state Treasurer’s Office/Financial Literacy Initiative.
    A phone line has been established at the University of Maine at Presque Isle for the program. If you are interested in attending a workshop or represent an organization that would be interested in having DeFelice present a workshop to your organization, call 768-9797 and leave a message.