A study by the Netherlands Institute for Social Research showed that more than a hundred thousand senior citizens have lost control of their personal finances. But younger people sometimes need short-term or longer-term support, too, to bring order back to their administrative chaos.
Landelijk Stimuleringsnetwerk Thuisadministratie (National Network to Stimulate Personal Financial Management, LSTA) is an independent center of excellence that supports local governments, organizations, and businesses in their personal financial management programs. The organization wants to keep people who have lost control of their finances from sinking into deeper financial trouble, falling behind on payments and accumulating debt. By receiving temporary budgeting and recordkeeping support, people resolve late payments, gain a better understanding of their budgets, and learn to use a variety of government assistance programs.
Volunteers help LSTA’s clients work toward financial self-reliance. At present, roughly thirty thousand people each year take part in LSTA projects through one of the local initiatives. Each of these organizations follows its own approach; the alignment of methods and target groups can be made more effective and efficient. Both municipal governments and local LSTA projects benefit from extra support in the form of knowledge transfer and guidance.
As part of our commitment to help people achieve self-reliance, Adessium Foundation is supporting LSTA so it can improve its guidance and advisory services for local governments and organizations. LSTA hopes to see every Dutch municipality incorporate support for personal financial management by trained volunteers in both policy and practice.
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