Financial Literacy Lessons Go Beyond the Classroom
Correspondent Diane Roberts traveled to Alabama State University to see how the program is helping students and their families.
THE MEDIAN WEALTH OF A BLACK HOUSEHOLD WAS $24,520. THAT’S JUST ONE TENTH THE MEDIAN WEALTH OF A WHITE HOUSEHOLD. $250,400. A NONPROFIT IS ADDRESSING THE RACIAL WEALTH GAP HEAD ON. IT’S A SYSTEMIC AND CHRONIC PROBLEM. THE SOCIETY FOR FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT HAS LAUNCHED FINANCIAL LITERACY PROGRAMS AT CHURCHES AND BUSINESSES AND COLLEGES ACROSS THE COUNTRY. OUR CORRESPONDENT, DIANE ROBERTS, TAKES US TO ALABAMA STATE UNIVERSITY, ONE OF THE MANY HISTORICALLY BLACK COLLEGES AND UNIVERSITIES OFFERING ITS AMBASSADOR PROGRAM TO SEE HOW IT’S NOT JUST HELPING STUDENTS, BUT THEIR FAMILIES AND THEIR FRIENDS. I BELIEVE ME, WITH THE LITTLE DOLLARS. I’M GONNA TEACH YOU HOW TO KEEP THEM. BE RIGHT BACK. KAYLEIGH DUNN IS ALWAYS ON THE MOVE, SHARING HER FINANCIAL KNOWLEDGE TODAY WITH KIDS IN THE DUTCHESS. DIVAS AND GENTS AFTER SCHOOL PROGRAM IN MONTGOMERY, ALABAMA. THANK YOU GUYS SO MUCH FOR COMING. AND COLLEGE STUDENTS AT A MEETING OF THE WOMEN IN FINANCE CLUB, A CLUB SHE FOUNDED AT ALABAMA STATE UNIVERSITY. WHAT IS IT ABOUT FINANCE THAT GIVES YOU A FIRE BECAUSE YOU HAVE A PASSION FOR IT? THE TRUTH OF IT IS THAT FINANCES AND MONEY BUDGETS ARE KIND OF AT THE BASE OF A LOT OF DECISIONS AND A LOT OF THINGS THAT HAPPEN IN OUR COUNTRY AND IN THE WORLD. AND NO ONE IN YOUR FAMILY HAS THIS INTEREST? NO. MY ENTIRE FAMILY IS MEDICAL BASED, SO THEY’VE ALL BEEN IN THE MEDICAL FIELD. MY BROTHER IS ACTUALLY AT MEDICAL SCHOOL RIGHT NOW, BUT I WAS THE LONE WOLF KAYLEIGH, A JUNIOR FINANCE MAJOR, IS A STUDENT AMBASSADOR WITH THE STUDENT FINANCIAL EDUCATION AND PROFESSIONAL DEVELOPMENT PROGRAM, OR SFP. THE PROGRAM IS THE BRAINCHILD OF RETIRED FINANCIAL ADVISOR TED DANIELS, SFPD IS IN 70 HBCUS AROUND THE COUNTRY AND REQUIRES ITS STUDENT AMBASSADORS TO SHARE WHAT THEY’RE LEARNING ABOUT FINANCIAL LITERACY WITH FRIENDS, FAMILY, AND THE COMMUNITY. YOU CAN SEE THERE’S A CLEAR DISPARITY BETWEEN AFRICAN AMERICANS AND WHITE HOUSEHOLDS IN THE AMOUNT THAT THEY INVEST AND AMOUNT THEY’RE MAKING FOR THEMSELVES. IN 2019, ONLY 34% OF BLACK AMERICAN HOUSEHOLDS OWNED EQUITY INVESTMENTS, COMPARED TO 61% OF WHITE HOUSEHOLDS. HEARING INFORMATION LIKE THAT ENCOURAGED KAYLEE’S FRIEND LAUREN EVANS TO TAKE ACTION. SINCE I’VE HEARD HER PRESENTATION, I HAVE REACHED OUT TO AN ADVISOR AND I’VE STARTED INVESTING. STUDENT AMBASSADORS SHARE TIPS LIKE HOW TO ACQUIRE A CREDIT CARD, DIVERSIFY AND BUILD AN INVESTMENT PORTFOLIO, AND ACCUMULATE FUNDS FOR RETIREMENT. I WANT A HOUSE. I WANT A FAMILY. AND I ALSO WANT MY KIDS TO BE ABLE TO PURSUE THEIR EDUCATION WITHOUT HAVING FINANCIAL WORRIES. EVEN KAYLEE’S FATHER HAD SOMETHING TO LEARN, AND HE DID IN A BIG WAY. INCREASING HIS CREDIT SCORE MORE THAN 200 POINTS. I DIDN’T WANT TO LISTEN UNTIL SHE SAID, I’M GOING TO GIVE IT TO YOU. YOU DO WHAT YOU WANT WITH IT. AND SO GUESS WHAT? IT CHANGED MY SCORE FROM, I DON’T KNOW, 630 TO 830 SOMETHING. MY CREDIT SCORE AT 830. HAVE YOU EVER THOUGHT ABOUT YOUR FINANCES, YOUR ASSETS, AND PASSING THEM ON TO THE NEXT GENERATION? WE HAVE ACTUALLY SAT DOWN AS A FAMILY TO GO THROUGH ALL OF THAT. THAT’S THE NEXT STEP OF WHAT KAYLA HAS PROVIDED. THE STEPPING STONE TO DOING THOSE THINGS THAT WE NEED TO DO, WHICH MY DAD DIDN’T DO FOR ME. HIS GRANDFATHER DIDN’T DO FOR HIM. WE FOCUS ON FINANCIAL COMPANIES. WE CAN’T ALLOW OURSELVES TO LET THE KIDS NOT TEACH US. WE HAVE TO LEARN AS WELL. AND THAT’S WHAT HAPPENED WITH A LOT OF TIMES WITH THE WITH OUR AFRICAN-AMERICAN FAMILIES. WE THINK THAT WE KNOW WHAT WE’RE SUPPOSED TO KNOW, BUT WE DON’T. SEEING THAT, I COULD HELP MY DAD, THE FIRST THING ONE OF THE PEOPLE I LOVED THE MOST IN THE WORLD. IT’S AMAZING. KAYLEIGH PROVIDING A STEPPING STONE FOR NOT JUST OLDER GENERATIONS, BUT FUTURE ONES TOO. I PROBABLY GET THE OCULUS. OKAY, SO YOU’RE AT $200 NOW. OH, SO YOU SEE THERE HOW, LIKE WHEN YOU WERE DECIDING WHAT YOU WANT TO PICK, YOU HAVE TO DETERMINE WHAT YOU CARE ABOUT AND WHAT YOU REALLY WANT TO SPEND MONEY ON.
Financial Literacy Lessons Go Beyond the Classroom
Correspondent Diane Roberts traveled to Alabama State University to see how the program is helping students and their families.
The racial wealth gap is wide in the United States. According to the U.S. Census Bureau, the median wealth of a Black household was $24,520 in 2021. That’s just a tenth of the median wealth of a white household at $250,400. A non-profit is working to change that. The Society for Financial Education and Professional Development launched financial literacy programs at churches, businesses and colleges across the country. Correspondent Diane Roberts traveled to Alabama State University to see how the program is helping students and their families.
The racial wealth gap is wide in the United States. According to the U.S. Census Bureau, the median wealth of a Black household was $24,520 in 2021. That’s just a tenth of the median wealth of a white household at $250,400. A non-profit is working to change that. The Society for Financial Education and Professional Development launched financial literacy programs at churches, businesses and colleges across the country. Correspondent Diane Roberts traveled to Alabama State University to see how the program is helping students and their families.
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