Discover Expands Financial Literacy Program
In an effort to improve financial literacy in America, Discover founded the Pathway to Financial Success grant program three years ago to give schools some funds needed to teach students about money management. The company hopes to expand the reach of the program in the coming year.
At this time, the Pathway to Financial Success program has reached more than 900 schools and districts across the country and awarded close to $8 million in grant money for financial education. Participants who have taken a financial literacy test before and after the program improve an average of 24%, showing the positive impact Discover is having in the educational world.
18% of 15-year-olds surveyed in America could not answer basic questions about their finances, and financial literacy is even lower at younger ages. With funding from Discover, schools can get the materials and tools they need to properly educate their students about money management and establish a better path for them to follow.
A recent report from the Consumer Financial Protection Bureau shows many Americans do not understand their credit scores or credit reports, even though more than 50 million consumers now have free access to these scores through their card providers. If elementary, middle and high school students can learn about finances early in their lives, they can break this pattern and, hopefully, control their money better than previous generations.