Many individuals have very little understanding of their personal finances, such as how to manage debt, budgeting, and saving. The lack of this understanding leads individuals to make poor financial decisions that can lead to large amounts of debt and little saving. Financial illiteracy affects individuals of all ages. A study by the Federal Reserve from 2014 suggests that states that have mandated financial education have seen larger increases in credit scores and reductions in delinquency among young adults. It is important to give students financial literacy training at an early age so that they will be financially stable in the future. Commonwealth Charitable Management has partnered with our donors to sponsor the following financial literacy programs in school districts across the state:
Banzai is a software platform designed to introduce students to adult financial situations, from budgeting and paying auto insurance to navigating taxes. The program uses lifelike simulations, which help students learn how to make hard decisions, protect their credit and even go through the home-buying process. Banzai is built for a modern classroom. No prep work, no manual grading. It's all online. The software is used by more than 40,000 teachers in all 50 U.S. states.
EVERFI financial education is used by 750+ of the world’s largest financial institutions to strengthen their education solutions with an interactive, scalable and measurable tool to impact learners at scale. They power a network of 16+ million learners to increase financial capability among communities. The K12 sponsor program is an online financial education platform that enables financial institutions to deliver K12-based education at scale, build student financial capability, and satisfy regulatory requirements.