Skowhegan Savings and Crisis & Counseling Centers (C&C) have partnered to provide a new financial literacy training program to individuals in recovery from mental health and substance abuse issues.
“Mental wellness and financial literacy go hand in hand for some people,” said C&C CEO Michael Mitchell.
“The country has been through a very hard time financially, which has only added additional stress for people with behavioral health concerns. To help address these issues we are very excited to be working with Skowhegan Savings to provide this vital training about managing personal finances for the people we serve,” Mitchell said.
A strong link exists between financial literacy and mental health. A study in The Economic Journal concluded that there is an association between problem debt and poor psychological health. The Journal of Applied Social Psychology found a correlation between financial literacy and feelings of empowerment, impulse control and general psychological well-being.
The program will be taught with sensitivity to individuals struggling with mental health and substance abuse conditions. Clients enrolled in the program will learn how to balance budgets, manage checkbooks, and pay down debt to remain debt-free.
“Skowhegan Savings will be a valuable partner in the program,” Mitchell said. “We celebrate their investment in our community and thank them for providing the funding and expertise to help our clients achieve financial well-being.”
“We’re pleased to be able to support Crisis and Counseling Centers in Somerset and Kennebec counties by assisting with their financial literacy education,” said Donna Fortin, VP Retail Deposit Manager. “It will help enhance our communities and make them a better place to live and work.”
For more information about Skowhegan Savings, visit skowhegan.com or call 207.474.9511 or 800.303.9511.