The My Money Workshop Financial Literacy Forum
On April 27, we celebrated Financial Literacy Month with our first-ever virtual Financial Literacy Forum. Financial literacy should be celebrated every day, not just in April. So, we wanted to use our platform to share this message.
We educate people to understand that financial literacy is important. Therefore, our goal is to underscore the meaning of wise and secure financial decision-making.
JPMorgan Chase sponsored the My Money Workshop Financial Literacy Forum. The forum highlighted our partnerships. Industry experts, including clients and corporate partners, were present at the event. Most importantly, each speaker stressed the importance of financial literacy, financial freedom, and the connection between poverty, equity, and access. Learn more about our speakers here.
Nichol King, from JPMorgan Chase, discussed their Path Forward.
JPMorgan Chase’s Path Forward Initiative addresses the existing racial wealth gap within the United States. Nichol serves the Harlem community as the first-ever Community Manager for JPMorgan Chase. Nichol’s message was that the bank looks to improve under-resourced communities. They are “investing in 150 more community managers across the country to advance the work that we’re doing.” JPMorgan Chase has reached out to many nonprofits and local businesses. They have offered to provide these businesses with any resources they need to be successful. While helping local communities, JPMorgan Chase discovered that many communities want to be educated on financial literacy.
Jessica Reinmann is the founder, chairman and CEO of (914) Cares, Inc., a nonprofit organization located in Westchester County, NY. She discussed (914) Cares’ poverty symposium and the hurdles that families face on economic success. She emphasized the number of people living in under-resourced communities in Westchester. These people are unable to access the resources they need to be successful. Resources such as transportation, education, and childcare are crucial to the success of our communities. Reinmann stated that “Access is a root cause of poverty.” She also discussed how Westchester’s poverty symposium explores solutions to poverty, food insecurity, homelessness, and much more.
Women’s Economic Empowerment Panel
The Women’s Economic Empowerment Panel featured our partners from the Women’s Prison Association and The Kota Alliance. Also, on the panel were several of our instructors. Each instructor highlighted the importance of financial education and programming for women. This panel emphasized the importance of increasing women’s financial literacy, especially those that have been incarcerated. Guest speaker, Nyasha Rivera stated “It is critically important for a woman to have financial literacy.” Nyasha is the current Deputy Managing Director of Reentry Services at the Women’s Prison Association (WPA). She emphasized the importance of teaching women that have been incarcerated the significance of financial literacy. These women, for the most part, have trouble securing a job once they are released from prison. Therefore, it is important to ensure that they can make the proper financial choices.
South Bronx Rising Together
Kara Smith of South Bronx Rising Together addressed the results from a survey they conducted between October to December 2020. Kara is the Collective Impact Manager of Policy & Communications. The survey highlighted the issues that Bronx parents and caregivers experienced during the pandemic. Issues related to childcare, mental health, food access, and housing stability were featured in the survey. According to the survey, all respondents are experiencing some serious issues within those areas. The survey revealed that “Almost half (48%) of respondents say they are not confident in meeting their next rent/mortgage payment on time.” Kara demonstrated how we can resolve these issues and the steps that people can take to move forward.
Student Loans and Student Consumer Protections
Winston Berkman-Breen from the NYS Department of Financial Services, discussed student loans and student consumer protections. Winston is the current Director of Consumer Advocacy at the Department of Financial Services. He emphasized the importance of financial literacy to participants and suggested that they engage in public conversations regarding financial literacy. Winston stated that “it’s really important to be having these discussions.” He also shared how the Department of Financial Services works to help students with existing loan debt. He encouraged others to learn about the significant role that the Department of Financial Services is playing in student’s lives.
Youth Financial Wellness Program in Comp Sci High
John Campos and Albert Paez of Comp Sci High discussed the new Youth Financial Wellness Program within their school. John is Comp Sci High’s Founding Director of Partnerships. Albert is Comp Sci High’s Partnership Manager. They both demonstrated the reason why they want to bring financial literacy to their school. The financial literacy program provides knowledgeable steps that will empower each student and prepare them for a successful future. Albert stated that “what we’re really trying to do is empower parents and prepare parents to have financial conversations with their students.” John and Albert emphasized how Comp Sci High strives to improve the lives and future of each student.
In Conclusion: Make Financial Literacy Your Mission
We encourage you to make financial literacy your mission. Encourage others, as well to reach out to local leaders. Urge them to make financial literacy a priority within the community. Also, do not be afraid of become a financial literacy ambassador.
Our mission is to educate teens and adults to manage their finances wisely and make a lifetime of informed decisions. We demonstrate to each of our participants that there is power in knowledge. Through this forum you will learn that only together we can ensure the success of the communities we serve. It is important to provide access to resources like ours. Financial literacy is a skill that move people out of poverty. It can also help young people make choices that affect their lives in positive ways.