Safe Stay residents learn skills to sustain stability, take control of finances

Financial coaching is often overlooked when discussing homeless services. But at Vancouver's Safe Stay communities, residents are learning critical skills that will help them transition to permanent housing.

Financial literacy in the United States remains critically low, with nearly half of American adults lacking knowledge of basic concepts such as budgeting and saving. Yet, every month at some of Vancouver's Safe Stay communities, bankers from Washington Trust Bank of Vancouver try to reverse that trend - sitting down with residents to discuss all things finance, from banking access to budgeting on fixed incomes.

The discussions aim to equip the residents - who are exiting homelessness and taking steps toward permanent housing - with the skills to sustain long-term stability and take control of their finances.

"Budgeting is not something people really want to talk about, specifically when they just got off the streets. It's a really tough conversation to have. But I feel like once you break the shell, people are more willing to take in things that they need," said Kent Crawley, a personal banker at Washington Trust.

A standard, not a privilege

The idea for the financial workshops was born while senior branch manager Dani Reyes was working for another financial institution. The company had a financial literacy program for businesses and their employees. Reyes wanted to help other demographics, and when she moved over to Washington Trust Bank, she began working with schools and Recovery Cafe of Clark County, where she was then connected to the city of Vancouver's Safe Stay communities.

"It's always been a passion. I was a single parent, and coming into banking during COVID, learning everything I learned, I realized how many people didn't have access to this information," she said. "I'm a firm believer that financial literacy should be the standard, not a privilege."

Since 2021, the team has worked with two Safe Stay communities: Kiggins Village and Hope Village. Reyes and other bankers sit down with residents and go over budgeting, credit building, retirement savings and how to access benefits. It's also a time for residents to ask questions in a safe environment.

Kiggins Village resident Scotty Zimmerman learned more about differentiating wants from needs. For years, he could be impulsive with his spending because he always had income to fill the gap, he said. But now, he's trying to learn sustainable goals.

One thing Reyes teaches residents is the 50-30-20 rule: 50 percent of income toward needs, 30 percent toward wants and 20 percent toward savings.

"Some people have lived a life and have had a budget before. But others don't have that experience. There's a broad spectrum of needs, and they help address each of them," Zimmerman said.

The bank staff members also help residents access benefits and overcome speed bumps that might make it hard to be financially successful. A large barrier for people experiencing homelessness is a lack of an address, but now they can put Kiggins Village.

"Without a physical address, they can't have a bank account, and without a bank account, some of these residents don't have access to benefits or back pay," Reyes said. "It can be a vicious cycle."

Staff said for some Kiggins Village residents, the impact is subtle: having a grasp on finances, understanding where their money is going. For others it may be larger, like moving into housing or resolving obstacles that have made it hard to plan for the future.

One former Kiggins Village resident was able to get almost $170,000 in back pay that he was unaware of.

"He comes into our branch once a week just to talk to us," Reyes said. "He still has the money. He's learning to manage it."

'Meet them where they're at'

Reyes and Crawley said success from the workshop comes from building trust. Sometimes people are hesitant to share parts of their story with bankers, but after a few visits, they open up, which allows the bankers to help them.

"We're not looking to be a transaction, we're looking to be a relationship that you continue to build," Reyes said.

Other success stories may appear smaller but have a large impact, like people feeling in control of their finances.

"You meet them where they're at in hopes that if you have one conversation or five conversations they walk away with a better understanding and feeling good about their resources," Reyes said.

Resident John Strahm spent all winter homeless, sleeping in front of buildings after a career in manufacturing.

"I worked hard all my life, but it got to the point where I couldn't do what I used to do anymore and I couldn't find work," Strahm said.

Now in the two months he's been living at Kiggins Village, he's tried to access as many resources as he can.

"I think it's extraordinary that people volunteer to come out here and try to help us," Strahm said. "Why wouldn't I be here?"

Crawley said even if residents choose not to bank with Washington Trust, he is still their banker. He said the bank's role is supporting people as they navigate their own paths.

"I'm not a guide stone, necessarily. I'm just a rock on their way to where they want to go," Crawley said.

This story was made possible by Community Funded Journalism, a project from The Columbian and the Local Media Foundation. Top donors include the Ed and Dollie Lynch Fund, Patricia, David and Jacob Nierenberg, Connie and Lee Kearney, Steve and Jan Oliva, The Cowlitz Tribal Foundation and the Mason E. Nolan Charitable Fund. The Columbian controls all content. For more information, visit columbian.com/cfj.

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