Adviser helped United Way revamp its financial literacy tools

Ryan Caldwell’s interest in improving financial literacy among teens and young adults arose from both personal experience and professional frustration.

Mr. Caldwell grew up in a household led by a single mother who worked two jobs in order to put food on the table for her three children. Doing so was sometimes a struggle. Mr. Caldwell remembers having to leave their groceries at the store when his mom’s check bounced.

“There was sometimes not enough food,” he said. “I grew up knowing what money stress does to daily living and to the relationships in the household, and the financial challenges people have and the consequences.”

Although Mr. Caldwell’s education led him to a career that allows him to help people with managing their money and making good financial decisions, his chosen profession has posed a dilemma for him.

“The reality is that financial planning is expensive. It takes a lot of time and expertise, and there’s the regulatory environment and overhead,” Mr. Caldwell said. “So I’m consistently frustrated by the fact that the people I would be able to help the most — I can’t serve them.”

About nine years ago, he raised his hand when his local United Way was looking for volunteers to present a financial literacy course to high school seniors.

With Mr. Caldwell’s input, the curriculum was revamped. The biggest change was the increased focus on the behavioral side of money — that is, the emotions behind financial decisions. About 30% of the revised curriculum is dedicated to the subject, he said.

“I have a firm belief that behavior, money personality, will dictate outcomes more than knowledge,” Mr. Caldwell said.

Since getting his feet wet by speaking to teens, Mr. Caldwell has expanded his reach beyond high school classrooms by offering financial workshops to young adults at local companies and in college classrooms.

The 18- to 24-year-olds who largely comprise his audience are not likely to become future clients, simply due to their level of wealth.

But that is not Mr. Caldwell’s aim in pursuing this passion project. His goal is much simpler: To educate more people about basic money matters — and the behavioral aspects of them — so they are better equipped to make sound financial decisions.

“I get a lot of personal satisfaction out of sharing what I’ve learned,” he said.

— Sarah O’Brien, freelance writer

Profiles in volunteering