Financial Hierarchy of Need
FLAGSTAFF January 9, 2019
The Financial Literacy Network adopted a graphical representation of the various tiers of financial need that a person or family experiences in life. The network created the tool based on existing research and the experiences of network members in working with local clients.
The graphic will be used as an awareness tool for the programs and services available to all Flagstaff area families for improving their financial situation.
Service providers also anticipate using the tool as a coaching tool for their clients. Providers also see the tool as a way for clients to self-assess their financial condition and to measure their progress in implementing strategies for improving their financial literacy and financial health.
The network intends to add another graphic on the back-side of the pyramid, representing the relationship of personal income to education attainment. The intention behind this second graphic it to illustrate that the investment in personal education is independent of where an individual may find themselves on the hierarchy of need at any one time.
The network is still working on a distribution plan for the financial hierarchy tool.