Charles Schwab Commits to Closing the Financial Education Gap and Helping Teens Across America Achieve Financial Freedom
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 iteracy 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.
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.
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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