BOYS & GIRLS CLUBS’
FINANCIAL EDUCATION PROGRAM
SPONSORED BY CHARLES SCHWAB FOUNDATION
PASSES KEY MILESTONE IN REACHING TEENS
San Francisco (August 25, 2008) –
Boys & Girls
Clubs of America and Charles Schwab Foundation announced today that nearly
120,000 Club teens at almost 1,100 Boys & Girls Clubs across the U.S. have
completed the Money Matters: Make It CountSM financial
literacy program in the four years since the program’s launch, far exceeding
both organizations’ expectations. In addition, Charles Schwab Foundation has
funded a cumulative total of $225,000 scholarship awards to 111 Club teens
who completed the program and demonstrated exceptional abilities in their
newly acquired knowledge of personal finance.
The
program’s success stories include teens like Michaela, 17, who didn’t know
very much about money management before taking the Money Matters
program at her Boys & Girls Club in Tucson, Ariz. She found that she enjoyed
learning about personal finance so much that she chose to sign up for a
second round of the program as a teen mentor to her peers. As an additional
benefit, she has been able to help her family by providing practical advice
about bill-paying, budgeting and saving.
Similarly, the Money Matters program at the Boys & Girls Club in
Green Bay, Wisconsin, has put local youth on track for independence and
financial well-being. For the past few years, the Club has incorporated the
program into its work at the Lincoln Hills Correctional School for Boys,
part of the Wisconsin Department of Corrections, providing the youth with
skills they need to transition back into their communities.
Shayne Harkey, staff
member at the Green Bay Club, said, "I’ve had students call to thank me for
what they learned in this program. One of my students went on to become the
first person in his family to graduate from high school. After that, he took
a full-time job and has opened a checking account with his wages. Now he
lives on his own and credits Money Matters with his success."
“It’s
critical to help today’s youth gain the practical knowledge they’ll need to
negotiate the financial challenges awaiting them as adults,” said Carrie
Schwab-Pomerantz, president of Charles Schwab Foundation. “It’s our belief
that by teaching young people the basics of money management now, we’re
setting the stage for a more financially healthy America in the years
ahead.”
Roxanne Spillett, president and CEO of BGCA, echoed Schwab-Pomerantz,
saying, “Money Matters truly helps us fulfill our mission to provide
young people with not only a sense of community and belonging, but with the
kinds of services and programs that will help them develop into
well-rounded, confident, productive adults.”
About
Money
Matters: Make it Count
Funded
by Charles Schwab Foundation,
Money Matters is designed for teens
ages 13-18. The program consists of fun, interactive activities and
exercises on topics such as using a checking account, managing debt, saving
for college and learning the basics of investing. The program is available
to all Boys & Girls Clubs that serve teens.
The program’s
components include:
- A Teen
Personal Finance Guide — includes practical tips and activities to help
teens learn important money skills. The guide also provides basic
entrepreneurial information for teens interested in starting businesses.
- A
Facilitator’s Guide — describes basic financial concepts that Club staff and
volunteers can use to help teens understand the benefits of effective money
management. Easy-to-implement small-group activities that are typically
completed in less than an hour supplement and reinforce the information in
the Teen Personal Finance Guide.
- A Money
Matters Web site — an interactive, engaging tool that teen program
participants can use to balance a checkbook, make budgeting and investment
decisions, and learn about starting a business. The secure Web site also
features a savings and financial aid calculator to help teens plan for
college.
- Money
Matters
Scholarships and Awards — achievements of each participant are recognized
with a certificate of completion, and scholarship and award winners are
selected based on their performance. Older teens (16-18) are eligible for
$2,000 scholarships from Charles Schwab Foundation, and younger teens
(13-15) are eligible to receive awards such as U.S. savings bonds.
- The Schwab
Employee Volunteer Program — provides Schwab professionals with
opportunities to volunteer at Clubs and share their financial expertise with
teenage Club members and their families. Employees are encouraged to
participate through a variety of ongoing communications.
About Boys & Girls Clubs of
America
For more than 100 years, Boys & Girls Clubs of America
has been changing and saving young lives, providing hope and opportunity for
kids who need them most. Today, some 4,300 Clubs serve some 4.8 million
young people through Club membership and community outreach. Known as The
Positive Place for Kids, Boys & Girls Clubs can be found all across the
country and on U.S. military bases throughout the world. Clubs provide
young people 6-18 years old with guidance-oriented character development
programs conducted by trained, professional staff. In communities large and
small, Clubs positively impact lives and help young people reach their full
potential as productive, caring citizens. Key Boys & Girls Club programs
emphasize leadership development; education and career exploration;
community service; financial literacy; health and life skills; the arts;
sports, fitness and recreation; and family outreach. In a recent Harris
Survey of Club alumni, 57 percent said the Club saved their life. National
headquarters are located in Atlanta.
About Charles Schwab
The
Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of financial
services, with more than 300 offices and 7.3 million client brokerage
accounts, 1.3 million corporate retirement plan participants, 367,000
banking accounts, and $1.4 trillion in client assets as of July 31, 2008.
Through its operating subsidiaries, the company provides a full range of
securities brokerage, banking, money management and financial advisory
services to individual investors and independent investment advisors. Its
broker-dealer subsidiary, Charles Schwab & Co., Inc. (member
SIPC,
http://www.sipc.org), and affiliates offer a complete range of
investment services and products including an extensive selection of mutual
funds; financial planning and investment advice; retirement plan and equity
compensation plan services; referrals to independent fee-based investment
advisors; and custodial, operational and trading support for independent,
fee-based investment advisors through its Schwab Institutional division.
Charles Schwab Bank (member FDIC) provides banking and mortgage services and
products. More information is available at
www.schwab.com.
Charles Schwab Foundation
is a private, nonprofit organization funded by the Charles Schwab
Corporation. Its mission is to give back to the community by supporting
employee-selected causes and fostering financial literacy through funding,
involvement and expertise. More information is available at
www.aboutschwab.com/community.
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