COLUMBUS, Ohio (WCMH) — On average, Black Americans only answer 38% of questions on the Personal Finance Index, which measures financial literacy among U.S. adults, correctly. One local summer youth program is working to change that.
The Homes for Families Summer Achievers’ Program has partnered with non-profit Yong Money Finances since 2019. The program offers a class that teaches students everything from saving to investing in hopes to equip them with lifelong financial tools.
Homes for Families Director of Education Jennifer McLeon believes access to this information is important.
“I know even myself, I did not receive any financial literacy education growing up at my summer camp,” McLeon said. “So (we hope) to provide them with experiences that they wouldn’t normally have, be exposed to.”
The two organizations work together to build money management knowledge among Black kids. Aleaha Robinson, the program coordinator, said she also knows the importance of having someone deliver that information that the kids can see themselves in.
“Seeing Black faces for our students to know that, hey, you can start a certain way, but you don’t have to finish a certain way,” Robinson said. “I thought that was pretty cool for them to know and to do and accomplish.”
Dondrea Brown, founder of Young Money Finances, understands the earlier these kids know how to handle their finances, the better they will be.
“What we want to do is provide quality financial education to ensure that our youth have the same experiences that everyone has so that they can make better decisions with their money,” Brown said. “But then also allow them to be exposed to things like investing, which is not really talked about in our community.”
Kids participating in the class like Zionna Martin-Wilson and William Howard said they know they are gaining something valuable, and they believe all kids should join the program.
“They still give you education even in the summer program,” Howard said. “You got to invest money in like banks.”
The goal is to leave a lasting mark that will expand the minds of both these kids and hopefully more in the future.
“I want them to be able to look back on these moments and look back on these days and say, ‘Hey, I’m going to pay it forward and teach my kids and my family and my community how to manage money the same way I was taught,’” Brown said.