Standards for public agencies

2020 Edition

Workforce Development and Support Services (PA-WDS) 7: Financial Literacy

The agency promotes the achievement of identified financial goals by providing the individual with the knowledge necessary to effectively manage his or her finances.
NA The agency does not provide financial literacy education.
2020 Edition

Currently viewing: WORKFORCE DEVELOPMENT AND SUPPORT SERVICES (PA-WDS)

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Purpose

Job seekers who receive workforce development, support, and financial asset building services achieve increased economic self-sufficiency.
1
Full Implementation, Outstanding Performance
A rating of (1) indicates that the agency's practices fully meet the standard and reflect a high level of capacity.  
  • All elements or requirements outlined in the standard are evident in practice, with rare or no exceptions: exceptions do not impact service quality or agency performance. 
2
Substantial Implementation, Good Performance
A rating of (2) indicates that an agency's infrastructure and practices are basically sound but there is room for improvement.
  • The majority of the standards requirements have been met and the basic framework required by the standard has been implemented. 
  • Minor inconsistencies and not yet fully developed practices are noted; however, these do not significantly impact service quality or agency performance.
3

Partial Implementation, Concerning Performance
A rating of (3) indicates that the agency's observed infrastructure and/or practices require significant improvement.  

  • The agency has not implemented the basic framework of the standard but instead has in place only part of this framework.  
  • Omissions or exceptions to the practices outlined in the standard occur regularly, or practices are implemented in a cursory or haphazard manner.  
  • Service quality or agency functioning may be compromised.  
  • Capacity is at a basic level.
4
Unsatisfactory Implementation or Performance
A rating of (4) indicates that implementation of the standard is minimal or there is no evidence of implementation at all.  
  • The agency’s observed service delivery infrastructure and practices are weak or non-existent; or show signs of neglect, stagnation, or deterioration.
Self-Study EvidenceOn-Site EvidenceOn-Site Activities
No Self-Study Evidence
  • Training curricula and/or other informational materials on financial literacy topics
  • Community resource and referral list including financial service providers
  • Interviews may include:
    1. Program director
    2. Relevant personnel
    3. Job seekers
  • Review case records

PA-WDS 7.01

The agency provides basic financial literacy information in plain language with technical terms, abbreviations, and acronyms clearly defined.

PA-WDS 7.02

Financial literacy topics are adjusted according to the identified needs of the group or individual receiving services and include information regarding:
  1. predatory lending;
  2. banking;
  3. the establishment and maintenance of good credit;
  4. debt management;
  5. paying bills;
  6. investing in the future;
  7. insurance;
  8. tax basics;
  9. budgeting; and
  10. buying a home.

PA-WDS 7.03

Direct service personnel provide individuals with contact information for specific resources in the community including places to receive financial advice and debt counseling services.