Charles Schwab Commits to Closing the Financial Education Gap and Helping Teens Across America Achieve Financial Freedom
September 14 2021 - 9:00AM
Business Wire
Schwab introduces two new financial literacy
programs designed to help level the economic playing field
Building on its decades-long commitment to financial literacy,
Charles Schwab introduced its newest financial education program
Moneywise America™, with the aim to help close the financial
education gap by making free financial education available to every
school and community in the United States by 2025.
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Moneywise America logo and teens
(Graphic: Business Wire)
Moneywise America is designed to help level the economic playing
field for teens across the country through high-quality financial
education, with a focus on reaching youth in under-resourced
schools and communities. Moneywise America has two core components:
a standards-based financial literacy curriculum and a corps of
Schwab employee volunteers trained to facilitate it.
“Our vision is to prepare every teen in America to achieve
financial freedom by helping fill the financial education gap most
schools struggle to address. The ability to make sound money
decisions shouldn’t be considered a ‘nice to have’ or elective
life-skill. Everyone needs it,” said Carrie Schwab-Pomerantz,
president of Charles Schwab Foundation. “Access to financial
education is unequal in our country. Schwab wants to help level the
playing field by making free, high-quality financial education
accessible to everyone.”
Schwab is committing its financial, people and intellectual
resources to improve financial literacy, a social cause that
affects most Americans. Moneywise America education materials were
developed for and with teens in mind, coupled with Schwab’s
financial literacy and education expertise. To deliver those
education materials, or financial literacy content developed by
others, Schwab employee volunteers will complete an in-depth
training program that equips them with knowledge to deliver
financial education and empathy to relate to a teen mindset and
goals.
Schwab aims to mobilize a quarter of its current workforce by
2025 to teach financial literacy skills to teens across the
country. The first year of the program will focus on employee
volunteer training and virtual volunteer opportunities, while
future years will incorporate in-person volunteer opportunities as
schools and nonprofits resume more regular in-person programming.
Schwab will also establish new relationships with nonprofits that
will help break down barriers to financial literacy.
Schools and nonprofits that don’t have their own financial
literacy content have free, unlimited access to standards-based
education content and trained employee volunteers who can teach it
both virtually or in-person.
“The Council for Economic Education has a long-standing
relationship with Schwab, and is proud to have supported the design
and development of its new Moneywise America program to bring
best-in-class financial education to America’s youth,” said Nan J.
Morrison, President and CEO of Council for Economic Education.
“Schwab’s commitment to ensuring every employee volunteer is
properly trained and prepared to be effective facilitators for
high-quality financial literacy programming is unparalleled.”
In addition to Moneywise America, Schwab is supporting Girl
Scouts of the USA (GSUSA) to help girls gain financial confidence
starting as young as kindergarten and build critical money
management skills as they grow.
With Schwab’s financial support and personal finance expertise
and GSUSA’s expertise championing female ambition, the
organizations will collaborate to incorporate more financial
concepts and new digital tools into Girl Scouts’ financial literacy
programming for grades K-12. The new programming will be available
to Girl Scout members beginning in late 2022.
“Together, Girl Scouts and Charles Schwab will offer girls
across the country activities that will fuel lifelong financial
acumen and prepare them to become informed fiscal stewards in their
own lives,” said Girl Scouts of the USA interim CEO Judith Batty.
“With Schwab’s support, Girl Scouts of all backgrounds and
abilities will strengthen their money management skills and enhance
their financial literacy.”
Millions of people have benefited from Schwab’s financial
education programs, creating a ripple effect that benefits entire
communities. Schwab’s long-standing relationships with nonprofits
that serve youth and teachers has helped break down barriers to
access to financial education.
- In partnership with Boys & Girls Clubs of America (BGCA),
Schwab created Money Matters, a financial literacy program that is
taught in BGCA clubs across the country and has reached more than
one million teens.
- Schwab designed the Innovation Challenge with Donors Choose to
fund and support development of new classroom financial literacy
projects in all 50 states, which has reached more than one million
students.
- Schwab sponsors SIFMA’s annual Capitol Hill Challenge, a stock
market simulation game that pairs schools with members of Congress
to advance financial capability, capital markets literacy and
civics education, and that reaches students in primarily low-income
schools.
All of Schwab’s financial education programs, including
Moneywise America, are available as a free public service. Girl
Scout financial literacy programming will be available in late
2022.
Learn more about Moneywise America and the importance of
financial literacy in a young person’s life by watching “The
Life-Changing Power of Financial Literacy.” To learn more about
Schwab’s commitment to communities, visit
http://www.aboutschwab.com/citizenship. To join or volunteer for
Girl Scouts, visit www.girlscouts.org/join.
About Charles Schwab
At Charles Schwab (NYSE: SCHW) 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.
About Charles Schwab Foundation
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. Its mission is to educate, volunteer
and advocate on behalf of those in need so that everyone has the
opportunity to achieve financial well-being. More information is
available at https://www.aboutschwab.com/citizenship.
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Stephanie Corns Charles Schwab 415-539-7001
stephanie.corns@schwab.com
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