Former Philadelphia Eagles Safety Malcolm Jenkins says studies show that children with bank accounts are more likely to go to college and younger adults are more likely to own stock. rice field.
Therefore, the goal of his Malcolm Jenkins Foundation is to open 1,000 bank accounts for students in Philadelphia, New Jersey, Ohio and Louisiana. Jenkins said he calls each of these states his hometown. He is now safe in New Orleans Saints, plays college football at Ohio State University, and is originally from New Jersey.
In May, his foundation began its efforts by opening bank accounts for all 260 students enrolled in Parkway Northwest Peace Society Justice High School. Two-time Super Bowl champion Jenkins said it was a natural growth in his fight for social justice.
“Over the years, I’ve been tackling social justice issues such as criminal justice reform and trying to push the boundaries of a pushed community,” Jenkins said in an interview with Tribune. “If we affect people’s lives, they must be able to make money and grow wealth to break the vicious cycle of poverty.”
Parkway Northwest High School was selected for a 99% graduation rate. In addition, the students there average $ 10,000 on college scholarships and are quoted by Pennsylvania Governor Tom Wolfe for public involvement.
The $ 40 initial deposit remains locked until the student turns 18. OgontzAvenueRevitalizationCorp. Has added $ 10 to each account for a total of $ 50 per student. Funds will be credited to the Goalsetter Foundation account, a New York-based group that promotes financial literacy in poorly serviced color communities.
Several other groups are promoting financial literacy among traditionally poorly serviced communities, such as young people and people of color.
For example, Fidelity Investments has shown a keen interest in Fidelity Youth Account, which has opened tens of thousands of accounts since its introduction in May.
Fidelity said it is the industry’s first retail brokerage account for savers aged 13 to 17 to make all savings, spending and investment decisions. These accounts can only be opened by parents who have an existing Fidelity account.
Nicole Goodnow, a spokesman for Fidelity Investments, said: “This year there has been a growing interest in investment. We want to help them learn.”
That’s why Fidelity offers educational articles and videos on financial literacy on its websites and social media platforms.
“Our hope is to have more educated and knowledgeable investors,” says Goodnow. “This should help them engage in conversations about money.”
To get started, teen investors need to open an account with their parents or guardians. Second, the parent or guardian must transfer ownership to a teenager.
Other brokerage firms have minor custody accounts, but parents have full control over them.
Parents or parents can monitor their account through alerts on their smartphones.
Ivanhoe Smith, Managing Partner of Philadelphia’s Coral Island Investments, said: “It’s a great program, but you (the account holder) have to do your homework. All kids need to be able to read and write economically, and black kids are no exception.”
Critics of Fidelity Youth Accounts have stated that they need to be open to parents or guardians who are not Fidelity’s customers. In addition, young investors in these accounts are responsible for taxes on income or fees associated with a particular investment. If the account owner is unable to pay, their parents or guardians will be liable. For parents or guardians looking for more control, this is not their explanation. For example, you can’t set spending limits on account owners.
In West Philadelphia, on the other hand, Bridges to Wealth is a program at the University of Pennsylvania that teaches financial literacy to community groups and churches. The goal of this program was to build the wealth of families living in poorly serviced areas, founded in 2012 by two professors at the University of Pennsylvania.
Bridges to Wealth has about 2,000 community investors who donate about $ 10 every two weeks. The group invests approximately $ 200,000 annually in low-cost investment trusts. Most investors are of color and about 75% are female.
Bridges to Wealth works with organizations such as the People’s Emergency Center in West Philadelphia. The center provides housing, vocational training, early childhood education and financial education for families and young people experiencing homelessness.
Since 2012, the Malcolm Jenkins Foundation has been working to improve graduation rates, college qualifications, and enrollment in poorly serviced communities through a project rewards program in partnership with College Track. The Foundation rewards students seeking higher education with scholarships from Malcolm Jenkins scholarship students.
To date, we have received over $ 175,000 in scholarships to fund books, supplies and other costs. The Malcolm Jenkins Foundation also funds university tours, career exposure, and job networking workshops.
The program aims to help young people teach about building wealth.jobs
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