Charles Schwab & Co., Inc. today announced a commitment of
$1 million to advance youth financial capability, capital markets
literacy, and civics education across the US. This three-year grant
will support the SIFMA Foundation's Capitol Hill Challenge® - a
special edition of The Stock Market Game™ that pairs individual
members of Congress and financial capability programming with
public schools in every congressional district nationwide.
Schwab’s grant will expand schools’ access to financial
capability educational programs – a beneficial investment according
to the Consumer Financial Protection Bureau, which reported that
such programming receives $230 million in annual federal funding as
compared to $3 billion invested in STEM subjects.
"We are honored to support the Capitol Hill Challenge,” said
Walt Bettinger, president and CEO of The Charles Schwab
Corporation. “This commitment extends our support of financial
education for everyone, from teens to adults, and can help advance
middle and high school students’ understanding of personal finance,
the capital markets, and math and economics – all of which are so
important to success in our rapidly changing world. We strongly
believe in the power of financial education to transform lives and
enable people to achieve more for themselves and their loved
ones."
The Capitol Hill Challenge is an innovative national financial
education competition for public junior high and high schools that
reaches all 50 U.S. states and connects members of Congress to
students, teachers, and schools competing in The Stock Market Game
in their respective districts. Through its support of this program,
Schwab will engage thousands of student teams as managers of a
hypothetical $100,000 online portfolio that they can invest in
stocks, bonds, and mutual funds. Participants will develop
essential life skills such as teamwork, cooperation, research,
analysis, and decision-making while enhancing their core academic
knowledge.
“In my teens I was lucky to have the experience of investing in
my first stock,” said Schwab Founder and Chairman Chuck Schwab. “I
didn’t know it at the time but what I was really doing was
participating in and supporting the American financial system. My
investment was a vote for that company and the products it
produced. It would be wonderful if every young American could
invest in stocks and experience how our system works and how
investing is participating in the growth engine of our economy. The
SIFMA Foundation’s Stock Market Game is great way to bring that
experience alive.”
Adding to the excitement for students and their teachers,
senators and representatives visit their matched schools to meet
with student teams and discuss current issues and the importance of
financial capability. Additionally, the 10 top-ranked Capitol Hill
Challenge teams are awarded an expense-paid trip to Washington,
D.C. to meet their member of Congress and be recognized at an
awards reception on Capitol Hill. They also attend meetings with
business, government, and education leaders to learn more about
fiscal policymaking, the role of the capital markets, and global
economic trends. Winners also tour financial landmarks and national
monuments.
Melanie Mortimer, President of the SIFMA Foundation said she is
extremely grateful for the gift and for the relationship with
Schwab. “Charles Schwab's cornerstone support for the SIFMA
Foundation’s Capitol Hill Challenge lays the groundwork for a
financially prepared, economically savvy generation that also
understands the role of government in policymaking. Together, we
are paving the way for stronger, more cohesive and vibrant
communities by connecting members of Congress with their youngest
constituents.”
The Capitol Hill Challenge is the nation’s only financial
education program engaging 100% of Congress. Since its inception in
2004, the program has made 3,272 matches of U.S. representatives
and senators with schools, encompassing more than 90,000 students
across the country. The program has proven impacts in raising
students’ math, economics and personal finance test scores. The
grant from Charles Schwab & Co., Inc. provides public middle
school and high school teachers nationwide with the support they
need to bring financial education into their classrooms including
curricula, online and in-person teacher training, academic
standards and correlations, assistance securing visits and
communications with members of Congress, and incentives, awards and
prizes for winners.
Through its support for the Capitol Hill Challenge, Charles
Schwab is filling a gap in our nation’s schools. When recently
asked by the National Financial Educators Council, “What high
school-level course would benefit your life the most,” more than
half of 2,409 people across each of six age categories indicated
personal finance as their preference, beating out math, science,
and social studies combined. Research shows that exposure to
financial education throughout life can be key to success. Charles
Schwab has reinforced this as a leading proponent for financial
education, having served millions of individuals of all ages
through its philanthropic and community investments, including:
- Money Matters: Make it Count –
Charles Schwab Foundation’s program in collaboration with the Boys
& Girls Clubs of America providing basic money management
skills to teens ages 13-18;
- Schwab MoneyWise website and
workshops – personal finance education for people of all ages;
- A new DonorsChoose program
supporting innovative financial education projects in classrooms
across America – every dollar donated to financial literacy-focused
projects on DonorsChoose.org will be matched by Charles Schwab
& Co., Inc., up to $100,000;
- Schwab MoneyWise on Campus –
financial education for college students in collaboration with
select universities;
- The Charles Schwab Wealth Management
Workshop at Indiana University’s Kelley School of Business and
at Leeds School of Business at the University of Colorado Boulder –
aiming to spark interest in financial planning and increase the
pipeline of qualified financial planning professionals;
- Foundation for Financial
Planning — financial advisors making a difference in the lives
of others by providing pro-bono financial planning to those in
need. Charles Schwab and Charles Schwab Foundation are longtime
supporters and surpassed a contribution commitment of $2 million in
2016;
- Schwab Advisor Services and the
Charles Schwab Foundation have worked together since 2007 to
advance the independent investment advisor industry, creating
awareness of the profession and helping cultivate first-class
talent for firms to attract. These grants, dedicated on behalf of
advisors, have helped extend financial planning training and
education to high school and college students across the country.
This includes Texas Tech University’s Financial Planning Academy –
a summer program for high school students interested in learning
about careers in financial planning.
Schwab is the first company to make a public commitment toward
increasing financial capability and inclusion through the national
sponsorship of SIFMA Foundation’s Capitol Hill Challenge
program.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity. More
information is available at www.aboutschwab.com. Follow us on
Twitter, Facebook, YouTube and LinkedIn.
Disclosures
Through its operating subsidiaries, The Charles Schwab
Corporation (NYSE: SCHW) provides a full range of securities
brokerage, banking, money management and financial advisory
services to individual investors and independent investment
advisors. Its broker-dealer subsidiary, Charles Schwab & Co.,
Inc. (member SIPC, www.sipc.org), and affiliates offer a complete
range of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
compliance and trade monitoring solutions; referrals to independent
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. The Charles Schwab
Foundation is an independent nonprofit public benefit corporation,
funded by The Charles Schwab Corporation and classified by the IRS
as a charity under section 501(c)(3) of the Internal Revenue Code.
The Foundation is neither a part of Charles Schwab & Co., Inc.
(member SIPC) nor its parent company, The Charles Schwab
Corporation. The Charles Schwab Corporation (and its affiliates)
and the Charles Schwab Foundation are unaffiliated with the SIFMA
Foundation or Boys & Girls Clubs of America. More information
is available at www.schwab.com and www.aboutschwab.com.
Investment Products: Not FDIC Insured • No Bank Guarantee •
May Lose Value.
About the SIFMA Foundation for Investor Education
The SIFMA Foundation is dedicated to fostering knowledge and
understanding of the financial markets for individuals of all
backgrounds, with a focus on youth. Drawing on the support and
expertise of the financial industry, the SIFMA Foundation provides
financial education programs and tools that strengthen economic
opportunities across communities and increase individuals’ access
to the benefits of the global marketplace. Notable Foundation
programs include the Stock Market Game, which has served 17 million
students since it began in 1977, the InvestWrite national essay
competition, www.investwrite.org, the Capitol Hill Challenge, and
Invest It Forward. For more information on the work of the SIFMA
Foundation, visit www.sifma.org/foundation.
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SIFMALiz Pierce, 212-313-1173lpierce@sifma.orgorCharles
SchwabGlen Mathison, 415-667-0093glenmathison@schwab.com
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