40% of U.S. students from lower-income schools lack basic financial literacy skills.
Only 3% of students scored "high" in financial literacy testing.
Using a bank account--and particularly, a savings account--helps even young children learn about saving and spending.
National Endowment for Financial Education
CWC's Teen Financial Education modules involve two distinct levels:
The Financial Empowerment Workshop focuses on relationship building, guided imagery and storytelling, exploring financial security, barriers to success, dollar value of work, budget stretching techniques, and credit reports.
Advanced Financial one-to-one sessions focus on creating and reviewing a hypothetical balanced spending plan, a deep-dive into the teenager's credit report, identifying fraudulent use teen's identity by family members, recognizing the high cost of predatory financial products, and banking with a non-predatory financial institution. Trained volunteers are utilized to supplement the work of the Financial Empowerment workshop and Advanced Financial staff members, and to create a long term relationship with each teenager and adult.
"Financial literacy is absent from the curriculum at most Title 1 high schools and middle schools. Common Wealth Charlotte is bridging that gap with its trauma-informed education, tailored specifically to teens. This is an enormous step that will pay huge dividends for these teens."
Teach for America Instructor, Charlotte-Mecklenburg Schools