Atlanta Area Kids Need Financial Literacy Experiences
Atlanta area kids need financial literacy education. The Atlanta Public Schools systems serves approximately 12,508 children in their middle schools according to the state of Georgia’s College and Career Readiness Index database. 82.1 % are recognized as title one schools. According to the Georgia Department of Education Title 1 schools are identified as locations qualifying for supplemental funding to support educators in improving the academic achievement of students who are economically and educationally disadvantaged. Title one school status is determined based on the number of students receiving free or reduced lunch. The data shows that an outsized number of Atlanta’s children are living in unfavorable economic conditions.
According to a June 2024 report from the Organisation for Economic Co-operation and Development(OECD) “not only did students from disadvantaged socio-economic backgrounds score lower in financial literacy, they also had fewer opportunities to learn about money” as indicated by recent global data from the Program for International Student Assessment.
The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an annual study of financial literacy levels among U.S. adults. The P-Fin Index examines knowledge in eight areas of personal finance, as well as the relationship between financial literacy and financial well-being. In 2022 “U.S. adults have correctly answered only about 1/2 of the index questions each year.” The data also shows that financial literacy tends to be lower among Black and Hispanic Americans. Blacks and Hispanic respondents had an average score of 37% and 38% of questions answered correctly respectively while Asian and White respondents had 54% and 55% respectively answered questions correctly. 75% of Atlanta’s children are African American, 9% are Hispanic, 1% are Asian and 13% are white. 80% of children are labeled as economically disadvantaged. The data goes on to share that compared to individuals with very high financial literacy, those with very low financial literacy levels are:
· 6 times more likely to make ends meet
· 3 times less likely to cope with $2000 financial shock
· 3 times more likely to be debt constrained
· 4 times more likely to spend 10+ thinking about personal finances
The aforementioned information and others highlight the investment opportunity embedded in fueling financial futures in the Atlanta area.
Kids Capital Clubs began in 2020 as a distance learning initiative in the height of Covid-19 pandemic. CEO and founder Ron Miller convened weekly sessions with students to attain foundational knowledge about equities investing. The online club became an after school in person experience when school reconvened. The club broadened out from fostering foundational stock investing information to educating club members about the three pieces of our programming PIE. Personal Finance, Investing, and Entrepreneurship lessons and experiences became the focus of our financial literacy programs.
Since 2022 we have welcomed cohorts based on their interest and teacher recommendation. Prospective members are considered based on their math and social studies teachers' assessment of their CREDIT scores. Teachers complete ratings to communicate students' Curiosity , Reliability, Enthusiasm, Determination, Ingenuity, & Teamwork competencies.
Students accepted to the club engage in financial literacy lessons and apply their new found knowledge to group based simulations. Club members attend field trips and engage with guest speakers in financial service fields. Members are expected to maintain their CREDIT worthiness with club based and school based experiences.