What are the myths and assumptions we have about Financial Empowerment, and how do we break them?

  • Why is financial empowerment not taught in school?

  • Free programs are hard to give away. Solution: Find ways to actually engage various groups to help them get the resources they need.

  • People think they need to make a lot of money to be well off when you can be well off by spending wisely.

  • Financial system has been predatory on people. Solution: Government can regulate reasonable limits on the finance industry stop companies from taking advantage of people.

  • People are afraid to ask for the information because they feel stupid to ask. Solution: education to youth on financial empowerment

  • Wealth and abuse of money and power is assumed to go together. Money is evil and I don’t want to be like that.

  • People say, "We are not poor, we judge wealth in a different way"

  • Culture - if you didn’t grow up in a culture to value finances - you won’t.

  • Solutions: Inspiration from peers and people in the community for youth to see an example of how they can do it too.

  • Solutions: providing free resources to access info on money management.

  • Financial empowerment - myth - making people think that financial wealth

  • Develop an infographic that explains how an investment helps the economy. Example $10.00/month investment in local agricultural products X 12 months X # of state of HI citizens

  • How do we invest back into our community?

  • Need to understand our purchase power

  • Education: building the "toolbox"

  • Understanding and acknowledging our priorities

  • Has to start with me - need to start believing that we can be financially stable

  • We need to empower our children - they need to feel empowered to make decision

  • Connect people to available resources

  • Need to address and understand obsession

  • Need to change the messaging

  • Impact of colonization - start discussing the connection between the $ and our economy

  • Shame to talk about it shouldn’t be focused on $

  • Myth: Have a "good job" and make a lot of money to be successful. Reality: Live fin edu, live within means. Be resourceful with what you have. Always spend less. Budget!

  • Equate financial success with happiness. No $ no happy or success.

  • When I have to take care of more, I’m smarter about it. More resourceful. Feed wasteful/overspend if it’s just you. So individualistic about money rather than community wealth driven.

  • Don’t want to ask for help be afraid of looking bad, unsuccessful, seen as weak. Grew up w/18, you’re out on your own. Figure it out. Success is individual, make on your own. Only ask after you tried and really need help.

  • Other people had more than me. Stay quiet. Never talked about $. Never said, just understood. Don’t know how much money parents have. Women were not able to negotiate pay, just taking whatever is offered. More gender equality.

  • Don’t go out in community unless you’re contributing.

  • Consumerism is huge. There are lots of feelings around stuff you "need" if you don’t have it you’re not worthy. Break down what money for a phone buys for the household. Constantly reiterate difference between wants and needs, expect to go to college but don’t stay have to leave home at 18. (breadwinner loses job, wealth of $ is gone, what fall back on?) For our kids: some of ours live at home but have to contribute not just $ but workload, chores.

  • Japanese cultures, do they not talk about finances?

  • Cultural differences/philosophy Japan is cash based

  • Student loan education

  • Marketing from cc companies overload

  • Financial empowerment: how are you spending $? Choices you make on money

  • Struggle to ask for help + seek in help in bad situation

  • Consensus

  • Creating desire to learn

  • Giving all students access like robotics team

  • Consumer awareness + financial literacy not in K-12 curriculum: basic budgeting, learn financial security, role models that aren’t financially secure, teach theoretical vs. "using money"

  • Parents having foresight to educate on credit/loans

  • Parents + their financial "habits"

  • 9th graders @ KS wanted more financial literacy education. Managing resources through budgeting vs. WHS 1983 business economics class, how to write checks

  • Stigma on public assistance

  • Doctors do not know financial skills to run a business

  • Never talked about it growing up; not my children’s concern - it’s mine (parents)

  • Grandmother taught that money earned should be used to help others

  • Those who grow up wealthy think that there’s no scarcity. But kids on welfare think that their needs are met by the gov’t (welfare) or they don’t know where from.

  • Need to do that economic empowerment education much earlier in elementary or middle school because they might not be learning at home.

  • Watched parents work double shifts and pay bills and so understood early how to live within your means and control your money

  • It’s a different age now. Our kids know much more than I did.

  • It’s different for various populations. Some prioritize fake lashes and tire rims.

  • Remember to think about the financial literacy involved without losing their public assistance.

  • Myth: Financial Empowerment lead to happiness

  • Myth: People are stuck in the financial class they grew up in

  • Myth: That current financial situation will last forever

  • Myth: If you have $ you’re empowered vs. what to do w/$ and how to make it work

  • Myth: That people with stuff are financially empowered

  • Myth: Financial empowerment is a drain on society

  • Learn a valuable skill, associate with lots of social classes

  • Teach young people about $

  • Financial empower should really be about quality of life - spending $ on what you value

  • The idea you need $ to get things done.

  • Thought that I cannot be rich without $.

  • Bootstrap mentality thinking - what if no boot to start with? How do you start? Exceptions are always pointed out - but not everyone is Oprah Winfrey.

  • Feel like systems we have should work - but maybe they are the problem. "Old Boy Systems" Predatory systems

  • Rising cost and no rise in wages

  • Property taxes go up

  • Gentrification

  • Assume that you must move away to make it

  • 29 people leave HI every day - replaced by wealthy

  • Assumption all start from same place

  • "Have to sacrifice’ vs. Live abundantly with what you have.

  • Being content with what you have

  • "you’re not working hard enough"

  • Institutionalized racism

  • Women paid less

  • Comparison with "American Wealth" Mechanisms, Mainstream wealth vs Hawai’i Wealth

  • Little better for keiki, not ridiculous large homes, excess

  • Use of credit - understand it, it does not define you "bad credit"

  • How do I afford "that" lifestyle

  • Redefine the "Joneses" grow our own food, etc. instead of gauging on financial success

  • What good is money if we have no clean water

  • Injustice in one place is injustice everywhere MLK Jr.

  • Tear down the system

  • Shift the consciousness

  • Family model must be in place

  • Financial empowerment is: loving neighbor, loving keiki, loving nature

  • Traditional practices: no need to reinvent. What did ancestors do to help others?

  • Community "pot of money" you give to the one in need

  • Plantation communities had this Community pot of money

  • Education: Financial literacy in school

  • Encouraging discussion in ‘Ohana - what did they have, not just what we didn’t have

  • Younger keiki can learn this - piggyback idea

  • Here it is a cultural boundaries - how did you learn? Not really taught it. 1st grade: 5th + 6th graders recruited him for a shave ice - learned how people make money and manage it.

  • Myth: Can’t teach kids about money. A: Kids can learn.

  • Parents don’t involve in the family budgeting, it’s an adult problem. A: Could parents involve kids in the whole process of paying the bills. Incentives for kids to earn their own money and save that money.

  • It also plays to focus on. The wealthiest say, "how can learn" rather than "how can I save?"

  • Push aside General Education - build in Health: PE, financial education, etc. embrace technology

  • Is there a myth that it is shameful to have money or not to? Shameful to brag that you do have money.

  • Never go that money management skills. Had to go to university. Management at the fundamental level. Teaching kids early on.

  • Traditional education and home economics. Junior achievement opportunity but relies on volunteers. "Somebody is going to teach the children" assumption.

  • Some don’t have the knowledge, skills, or resources to help those kids. Have to disrupt the trend of insufficient financial knowledge.

  • Homes together because can’t survive on own - but no laws help to support them - creates huge issue. Need to recognize common law or domestic partnership.

  • Myth - it is beyond my means - complacent.

  • Plantation mentality - someone will always take care of you.

  • Even with multiple jobs can’t survive.

  • Social expectation that I’m going to do better than my parents. What is good enough? What are our priorities - buy a $50k car instead of... Some people buy homes without understanding impact.

  • Jones Act impact on cost - outdated laws + practices. (Healthcare Act) Re-evaluate system.

  • Politicians have to seek to understand - govt is not doing today. Work on simple solutions - not complex. (bus system) Bus monitors.

  • Don’t talk about money, it'll either elevate you or berate you; potentially judge

  • Didn't learn from family, learned in school and beyond home

  • UH - Financial empowerment happens outside of home as well

  • Pride and shame; not asking for help until too late (culturally too, this is amplified)

  • Cultural OR family values

  • Family didn't talk until started making money herself; figure at self through experiences

  • Circumstance & not necessarily institution

  • Financial literacy OR financial empowerment

  • Introduction of food stamps - when everyone having same coupons made more normal but also was a flag to show everyone you're poor

  • Normalized reliance on system, especially after drop of sugar plantation days

  • Hanai kids to help manage family resources

  • Teenage pregnancy relate to financial literacy and resource management

  • Home economics - lack thereof in schools; why not? In HS and college; going beyond HS

  • Credit scores/credit cards - we are dependent on

  • Commodities empowerment

  • Financial empowerment is empowerment

  • Financial system does not nurture direct connections

  • Finances are a priority

  • Things are monetized

  • Capitalism - need to have common language/definition

  • Myths and assumptions vary by generation and circumstances - new generations are choosing minimalistic thinking this reducing their cost, bills, financial literacy is needed for young folks who have/need credit cards and the financial commitment

  • Work more, you make more

  • If you want food stamps, you're choosing to stay at a fixed/certain income: thus you aren't looking for empowerment

  • High school students were shocked by the lifestyle they desire and then the kind of jobs they would need to cover those monthly costs - but they no want those kine jobs

  • Need vs Want - the value is different of what is value and if it's a necessity how are you going to afford it.

  • In Russian culture money isn't talked about in the home - but the schools are "silently" expected to teach about money management. Money management is considered common sense, culturally expected to know. Welfare 0 - survival mode and dependence on friends.

  • Multigenerational housing are increasing number of people on one household budget for prolonged time.

  • Young think "dabbling" in careers is sustainable

  • When economy is stable, people felt like they should/need own house and car. How with unstable economy, people feel free to explore seems opposite.

  • If driven by financial and not kokua there's a "sell out" stereotype. Needs to definition of wealth: Hawaiian world view vs. western ie: waiwai

  • Inclusive practice of Hawaiian values waiwai filter - run decisions/projects through this filter before translating to western mindset

  • Triple bottom line/waiwai

  • Financial aspect comes in with reciprocal land/ohana/ahupua'a - separation causes a break from collectivism into individualism. Obliterate a culture and expect the people to pick up the pieces they don't understand. First non-European group to the world. Need to understand where you come from in order to understand.

  • The cars, etc. weren't needed before - care for the land, kupuna were scientists ie: kumulipo the understanding that we don't need to know everything. Generational knowledge is wealth.

  • The mindset of what I have is also yours - if I have and hold back. Dominate society is the opposite.

  • Consider all areas that are involved when making decisions. IE: Mars building needs to be balanced and filtered by aina lens. Priorities need reshifting. Balance between aina values/human advancement. Certain pieces of tech needed but again must balance.

  • Myth: Money = power

  • Need to be born into $

  • $ = knowledge or education

  • $ is better

  • Age is required to making $

  • Aloha spirit of giving when you don't have

  • $ = stability

  • you need $ to do what you want or make you happy

  • The more $ you have the more access you have

  • Pressure to buy outside of your means to be socially accepted

  • Living life style dictates status (by choice and or circumstances)

  • Savings and investing or lack of

  • Assumptions: $ and racial equality in general

  • Assumptions: Money sets status

  • Assumptions: $ dictates fitting in

  • Assumptions: realistic income

  • Assumptions: Multi-generation living

  • Assumptions: Development is better for everyone

  • How do we break them: Proving wrong

  • How do we break them: Demonstrating power, valuable contribution w/o $

  • How do we break them: Grass roots education

  • How do we break them: More conversations "shame free"

  • How do we break them: Topics in: Family school

  • Myth that kids don't understand or shouldn't be exposed to family financial situation. Start talking about it as a family.

  • Myth that financial literacy is common sense - expose people to financial literacy earlier in life.

  • Assumption that they don't within low income community, know how their contribution fits in the community. Transparency and education in the process. Why other engage in the process, example: Community board meetings.

  • Myth that material wealth is better - have people invest in values - community service, natural resources.

  • Institionalize how we help take care of each other, pay it forward, kokua, reciprocity, no judgement, everybody contribute in some way.

  • Learn from mistakes

  • Assumption not important since not being addressed in school

  • Would help this guidance could have been offered in college

  • Parents never told her to save but grandparents did so she did save - grandmother lived simple

  • Statistic that 50% of county don't have retirement

  • Union companies moving away from persons

  • Families don't talk about - ashamed. you must be doing something bad if you have a lot of debt.

  • Too much money can make you crazy - excess of resources of self absorbed and self serving

  • Most employers offer 401k or IRA. Small employer matches employee contribution

  • "We can't afford it" Rich Dad Poor Dad transformed to "How can I afford this?

  • Poverty mone-tality hard to break out of.

  • What do you do when you don't have family to bail you out?

  • Culture - if you didn’t grow up in a culture to value finances - you won’t.

  • Provide - save

  • Not discussed with children - but children became involved when things happen

  • Negative assumptions impact

  • how much control

  • Shame to talk about it shouldn’t be focused on $

  • When you're doing everything but still having a hard time

  • Western model is bout getting "more"

  • What is enough?

  • Education

  • Focus on human capital instead of just "assets"

  • Myth - that you can work hard and make it in Hawaii

  • Myth - that it is better to hire PT instead of FT with benefits

  • Community vs individual

  • Peer to peer training

  • Serving others.

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