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In conjunction
with Industrial Bank, Commissioner Salim Adofo has developed the
Building Generational Wealth Series. “Crime is driven by poverty
and inadequate access to education. Community safety is best
achieved by equipping communities with the resources and education
they need to succeed. Our initiative will address some of the needs
of Ward 8 such as fiscal responsibility and positive youth
engagement," says Adofo.
Moreover, Adofo
says, "This initiative allows children to use their time and
talents constructively and avoid getting caught up in crimes like
carjacking and gun violence. The program isn't a complete
solution, but it is an important first step. As part of the
session, children will learn about investing, home ownership, and
will receive a grant to open a bank account."
The
Building Generational Wealth: Financial Literacy Classes for
Children Series begins Saturday, September 30th at 9 a.m., at the
Industrial Bank Anacostia Gateway Banking Center located at1800
Martin Luther King Jr. Ave., SE. Classes are free, however,
registration is required.
Millennials owe
over $1 trillion in debt, and 70% live paycheck to paycheck. A
financial education program for young people is urgently needed in
light of these alarming statistics. A person's financial decisions
in their early adulthood can have a profound impact on their lives.
Providing young people with the tools to manage their money
effectively helps them avoid the cycle of debt and economic
insecurity that many Americans face well into adulthood, giving
them the foundation for a stable financial future.
Why
is financial literacy so important? Low financial literacy
threatens the well-being of individuals and families, particularly
in underserved and low-income communities. A weak financial
foundation places our youth at a greater risk for being susceptible
to predatory lending practices and making costly errors in managing
their debts and expenses, which can increase the likelihood of life
long inequalities.
A lack of
financial literacy may also lead to missed opportunities for wealth
creation and reduce opportunities to access to higher education and
professional development. A lack of financial knowledge puts young
people at risk of becoming trapped in cycles of poverty and debt. A
low credit score is often the result of poor spending and borrowing
habits, contributing to higher financial insecurity. Investing in
financial literacy early bridges the opportunity gap in underserved
communities and empowers youth with the skills they need to break
down economic barriers before they reach adulthood.
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