With April being Financial Literacy month, First Tennessee’s Operation HOPE is spreading the word about the services they provide to low-income or moderate-income youth, individuals and families in Chattanooga’s underserved communities.
Operation HOPE provides multiple services that help those who are struggling financially to get back on their feet. Their programs include Credit & Money Management Workshops, One-On-One Credit Coaching, and 700 Credit Score Communities group classes.
Through these services, participants can learn the basics of creating a budget, how to read a credit report, and what can be done to correct errors that may negatively affect a credit rating.
In Chattanooga’s Hispanic communities, financial responsibility is a great hurdle to overcome. Because the US has a complex banking and credit system, Operation HOPE recognizes the importance of providing the community with ways to learn to bank and spend responsibly.
Ivelisse Perez, a Financial Wellbeing Coach for Operation HOPE, addressed the issues that the Hispanic community in Chattanooga faces when it comes to financial literacy.
“Most of the people that I see do not know how to read a credit report,” she said. “They want to purchase a house or a car, but do not know where to begin, so we are here to help them get started and get engaged in the process.”
All of the services provided by Operation HOPE are designed to help participants understand credit scores, learn how to set up a budget, recover from debt and low credit ratings, and learn their rights as consumers so that they are not easily taken advantage of in the future. And while it might not be an easy process, all of these things are crucial in becoming financially stable – which is the end goal for all participants of Operation HOPE.
“We are hoping to break the cycle of poverty within families in the Hispanic community,” Ms. Perez said. “If we can teach parents how to budget and better manage their finances through our offered programs, they will teach their children the same responsibilities and the importance of money management and hopefully, the cycle will break.”
Operation HOPE not only serves the Hispanic community, but is a service that is open to everyone looking to better their financial situation.
Chattanooga Market President Jeff Jackson said, “The work done by Operation HOPE and their counselors is transformational for so many in our community. Financial literacy is achievable for any one coming through this program. It is our hope that it will continue to grow and provide a strong financial foundation that will allow many in our community to achieve their ultimate dream: homeownership. Operation HOPE is the first step on that path and at First Tennessee, we’re proud to be a part of the solution.”