Financial Literary Intensification thru Conjoining Sector Participation There are ample ways of improving the life of every

individual and to reduce the poverty on a sustainable basis. Intensifying financial literacy of low-income earners is one effective strategy. Individuals living along and below the poverty line are often deprived due to lack of knowledge and skills in financial management. In connection to this, there are some targeted learning strategies which can provide these individuals with adequate skills and knowledge they need in managing their limited financial resources. Incorporating financial literacy training with an extensive asset-building approach guarantees effective implementation of financial management. Moreover, schemes such as matched saving Individual Development Accounts (IDAs) boost personal savings; facilitate individuals with lower incomes to save; build assets and enter the financial mainstream. In addition, IDAs also encourage behavioral change that leads to greater long-term financial stability. Financial literacy plays a vital role in assisting those individuals living below the poverty line. This is an essential skill that must be learned in order to move out from scarcity on a viable basis. This ropes the development of personal assets and a key to attain higher income for low-income earners, poorer individuals and families. Furthermore, conducting training on financial literacy must be directed to individuals who dont have easy access on financial services available in the area and those individuals who lack opportunities in gaining the essential knowledge to steer the financial system. For instance, individuals who dont have bank accounts are most susceptible to the adverse consequences of poor financial literacy. The target market for the financial literacy interventions include: Individuals and families whose first language is not English; Children and youth (out-of-school youth) Persons who are differently-abled; and Individuals with mental health and/or addiction issues

However, in order to deliver training of financial literacy to the abovementioned individuals, it is crucial to overcome the barriers which limit involvement and commitment in training opportunities. These basically include inadequate language skills, lack of child care and transportation challenges. Financial literacy education, through asset-building approach recompense saving, offers an incentive for financial planning and stimulates sustainable economic strength. The outcomes of programs have validated that individuals with low-incomes can and do save if only they have the basic supports and incentives. Also, research signifies that the ownership of assets have a greater impact on motivations and behaviors, thus, individuals who secure assets are more concerned with future rather than simply short-term demands.

Partnership between multi-sectors such as public, private and non-profit sector is needed to efficiently exploit the core competencies of all involved stakeholders to carry out high yield financial literacy training. This approach is called multi-sector collaboration in which each of the three (3) aforementioned sectors plays vital role in delivering good outcomes. Public sector advancing financial literacy entails substantial government participation to expedite partnerships, cultivate reliable standards of practice and measurement as well as offer sufficient resources. All levels of government play vital role in coordinating the efforts to boost financial literacy through facilitation of communication and collaboration as well as ensuring that viable funding is provided to the organizations which deliver these services. A n important role of all federal government is to warrant that financial information is balanced and fair so that it is clearly distinguished from commercial advertising. Private sector involving the private sector can provide additional support for financial literary training and intensive marketing opportunities. For instance, financial literacy opportunities conducted on private workplaces have successfully proven positive results as to financial behavior of employees. Conversely, it is important that there be a clear difference between financial literacy training opportunities and commercial advertising. This is to ensure balanced presentation of information. Non-Profit sector employing external contracting progressions with community-based organizations can result in grander flexibility to direct trainings to its proper target markets and leverage the experience of organizations with a high level of understanding of potential participants needs and strengths. In addition, this will allow greater levels of innovation in the delivery of financial literacy services which can inform research, policy and practice. Basically, it will help in effectively alleviating access barriers among individuals and gives greater resource efficiencies.

To conclude, financial literacy education as a tool in poverty reduction is heightened by assimilating training with asset building approaches. The acquirement of useful assets, such as education (knowledge), employment training, homeownership or equity in a small business, is crucial for individuals with lower incomes in order to achieve a sustainable means of support. Moreover, without personal assets, individuals along the poverty line are incapable of planning for the future, and have no mitigation against sudden unemployment, serious illness or unexpected emergencies. Hence, the accrual of properties is an effective tool to avoid from falling into a poverty trap.