Churches preaching fiscal salvation
By Russ Wiles
Arizona Republic
Many Americans never learned sound money-management skills. They missed the basics at home, in school, on the job and from friends — and now they're paying the price with high credit-card debt, paltry savings accounts and rising bankruptcies.
But some people are finding help from unlikely sources, as churches and other religious groups step up to the personal-finance plate.
Many places of worship now conduct financial workshops, tout faith-based mutual funds, bring in budget counselors, mentor small-business owners and otherwise deal with a matter long considered taboo.
"A lot of preachers have been afraid to talk about money because they fear people will leave if they do," said Cal Jernigan, senior pastor at Central Christian Church of the East Valley in Mesa, Ariz., who recently devoted four weekly sermons to finance matters. "But a lot of churches also are looking at this and realizing many of their members are in trouble."
Ronald Lundeen, an associate professor at the Hartford Seminary in Connecticut, said he's noticed an uptick in church interest in the topic over the past two years.
At one level, religious institutions have a natural interest in the prosperity of their congregations. Members who are cash-strapped, facing a foreclosure or filing for bankruptcy usually lack the cash to support church causes.
Many religious leaders also see money woes as symptoms of other social problems related to gambling, alcohol and shopping addictions.
"We want to help people maintain their dignity and integrity," said Walt Kallestad, senior pastor at Community Church of Joy in Glendale, Ariz., a Lutheran group that provides various money-oriented programs on budgeting, investing and other topics.
The Catholic Church, recognizing that money issues can create friction among spouses, requires engaged couples to take a basic financial class before tying the knot.
"The church is hoping couples will learn to communicate better so money won't be so divisive," said David Robinson, a Phoenix financial adviser who teaches the course.
Churches don't have any secret weapons for helping their members get out of debt, repair personal balance sheets or find promising stocks or mutual funds. The same basic money lessons apply to non-religious people, too.
But one thing churches can do is provide a setting to rethink assumptions about materialism and values.
"American culture looks at being in debt as a part of life, that as long as you can make the payments, it's OK," said Sherry Drolet, a Gilbert, Ariz., woman who with her husband is taking a series of personal-finance courses at Central Christian Church. "We've lost sight of the value of things."
Jernigan's interest in personal finance stems from his own money problems several years ago, when he and his wife found themselves $35,000 in debt, with payments for cars, a boat and a pool. Now, they've got savings and investment accounts that are growing, and no debts other than a mortgage.
"We all need to budget, prioritize and learn how to say no on certain items," he said.
Although it's a stretch to think most Americans eventually will receive the bulk of their financial guidance from the pulpit, some observers see a greater openness in religious circles as helpful.
"Removing this last taboo is good," said Lundeen of the Hartford Seminary. "It's helping to make churches more relevant in dealing with the practical problems of life."
