During a marathon debate of its annual budget, the State Senate added new funds for a Chelmsford non-profit that teaches financial literacy to the area’s low-income women.
Sen. Mike Barrett (D-Lexington), backed by Sen. Eileen Donoghue (D-Lowell), sponsored the $60,000 amendment to the Senate version of the state budget.
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Budget Buddies pairs low-income women in Greater Lowell with volunteer coaches who give one-on-one training on how to make good economic decisions. The program offers workshops on topics such as fraud protection and credit card strategies. According to the U.S. Census Bureau, women account for 58% of Lowell adults living in poverty.
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“The program extends a hand to local women who truly need it,” said Barrett, Senate Chair of the Committee on Children, Families and Persons with Disabilities. “It aims to cut off the cycle of poverty by getting down to the nitty-gritty of dollars and cents.”
Since launching in 2010, Budget Buddies has trained 137 coaches and served 210 participants. A recent survey of graduates found a 24% increase in the number of women who say they are always able to pay bills on time and a 42% increase in those who say they spend less to meet budget constraints. The number of women who had bank accounts jumped from 73% before the program to 92% post-graduation.
Barrett directed praise at founders Anita Saville and Kathy Brough, both of Chelmsford, as well as his colleague Sen. Donoghue for helping to pass the amendment.
The Senate language has to make it through a budget conference committee between the House and Senate, before going to the governor’s desk.
