THE PROBLEM: The number of financial decisions an individual must make continues to increase, and the variety and complexity of financial products continues to grow. Young people often do not understand debit and credit cards, mortgages, banking, investment and insurance products and services, payday lending, rent-to-own products, credit reports, credit scores, etc.
- Many students do not understand that one of the most important financial decisions they will make in their lives is choosing whether they should go to college after high school, and if they decide to pursue additional education, what field to specialize in.
- A 2016 survey indicated that only 31% of young Americans (ages 18 to 26) agreed that their high school education did a good job of teaching them healthy financial habits.
- Kids are not learning about personal finance at home. A 2017 T. Rowe Price Survey noted that 69% of parents have some reluctance about discussing financial matters with their kids.3 In fact, parents are nearly as uncomfortable talking to their children about sex as they are about money.
- Only 23% of kids surveyed indicated that they talk to their parents frequently about money, and 35% stated that their parents are uncomfortable talking to them about money.
THE OPPORTUNITY: Financial literacy leads to better personal finance behavior. There are a variety of studies that indicate that individuals with higher levels of financial literacy make better personal finance decisions. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. They are also more likely to use payday loans, pay only the minimum amount owed on their credit cards, have high-cost mortgages, and have higher debt and credit delinquency levels.
As a society, we need more training programs that increase the number of financially literate citizens who are able to make better and wiser financial decisions in their own lives. Such programs are not just good for the individual but also helpful to society. The 2008 financial crisis clearly shows that poor financial decisions by individuals had negative consequences on our country.
CHALLENGE STATEMENT: How can we create more awareness for high school students in underserved communities around the importance of personal finance and financial literacy using design thinking, technology, and cultural relevancy?
ACCEPT THE CHALLENGE??
Impact House in partnership with Fidelity Investments/Fidelity Cares Presents: Hack4Impact — A FREE experiential design lab using elements of hip-hop influence, combined with designed thinking and rapid problem-solving for students grades 6-12. The program pairs students with impact mentors and corporate skilled-based professionals in a collaborative effort to create tech-enabled solutions to challenges plaguing underserved communities.
How to get your students involved:
What to expect:
- Premeir coach bus to transport students to the campus of Fidelity Investments in Westlake, Tx
- Lunch provided
- Tour of Fidelity Investments campus departments and exposure to one of the largest investment companies in the world
- Standford D School Curriculum based Design thinking challenge
- Opportunity to work with some of the most talented investment professionals in the world
- Collaborate and compete in teams to design the most innovative, creative, and sustainable
- Design tech-enabled solutions to a Financial Literacy issue in your community.
- On going support from Impact House Mentors to take you from idea to MVP.
- Opportunity to pitch your solution on the BIG stage in the events following the workshop
- Prizes and more!!
SHARE with your network and REGISTER your students TODAY!!