TAF@Saghalie Students Get Schooled on Financial Literacy by Bank of America
Last week, Bank of America representatives visited TAF@Saghalie to teach a financial literacy workshop to 6th, 11th, and 12th-grade students. The workshops included units about the importance of credit and financial planning. This is the fourth year in a row that Bank of America has offered their services to our students as an enrichment to TAF’s College and Career Readiness Program under their Better Money Habits initiative.
Esther Richmond, Vice President of Community Relations at Bank of America shared how excited her team was to volunteer at the school via Twitter:
Widespread illiteracy around money management is a nation-wide epidemic. In 2018, a study conducted by the University of Illinois at Urbana-Champaign found almost half of the emerging adults participating in the survey were financially at-risk.
The study stated:
The low percentage of emerging adults with sound financial behaviors and attributes in the NCFS sample clearly shows the need to invest more in the financial education efforts of children and youth. It is concerning that children and youth are entering adulthood without adequate financial capabilities to ensure their future wellbeing.
According to FINRA Investor Education Foundation, 63% of Americans did not have fundamental financial knowledge. The conversation around required financial literacy in schools has been circulating for multiple years. And, while states have begun to mandate financial learning in schools, ambiguity remains around what types of topics should be covered.
With Bank of America’s help, our students are revisiting the importance of money management every year, increasing their chances of making sound financial choices later in life. Thanks, Bank of America for being a valuable partner in preparing our students for success after high school.
Want to learn more about why schools should add financial literacy to their curriculum? Listen to NPR’s podcast Money Moves: The Push For Financial Literacy In Schools.