Charles Schwab to Fund Financial Literacy Classes in Schools
Research has shown children need a proper education in financial literacy, and the Charles Schwab Corporation is taking steps to ensure kids in pre-Kindergarten through 12th grade are gaining these skills in school.
Schwab announced they will be piloting a program wherein they will match individual donations for classroom projects that teach financial literacy. They will match donations made through the nonprofit organization DonorsChoose.org, and any public or charter school teacher in the United States can apply for these funds.
Currently, fewer than half of all schools in the country require personal finance courses, according to the Council for Economic Education. Recent research from George Washington University has shown this is causing major issues for a lot of Americans. Adults in the United States are struggling with student loan and credit card debt and are having a tough time managing their monthly expenses. Few are saving for retirement. Schwab believes financial education can help individuals build self-reliance in an increasingly complex financial landscape.
However, even teachers who want to teach financial literacy are struggling to find the resources to make it happen. Schwab has donated an initial $100,000 to DonorsChoose.org, and will provide dollar-for-dollar matching donations to projects that incorporate financial education. Any project with a total cost up to $1,500 is eligible.
“We have a long history at Schwab of providing financial education for people at all stages of life,” said Carrie Schwab-Pomerantz, senior vice president of Schwab Community Services and president and chair of Charles Schwab Foundation. “Our corporate foundation’s flagship financial education program for youth, Money Matters: Make It Count through Boys & Girls Clubs of America, has reached nearly three-quarters of a million teens to date. The opportunity to further extend our reach by working with DonorsChoose and encouraging individual donors to join us in supporting public schools is very exciting.”
Currently, 74% of public schools have a project posted on DonorsChoose.org, and 2.4 million Americans have made a donation. Unfortunately, only 2% of the projects to date have focused on financial literacy.
“We so appreciate Schwab’s support of financial literacy classroom projects,” said Charles Best, founder of DonorsChoose.org. “Schwab’s contribution will give teachers tools to help their students develop a sound financial education, a critical life skill for students’ future success.”