Wednesday, September 27, 2023

Washington, D>C. Financial Literacy Classes for Children. Saturday, September 30, 2023 9:00 AM ET

Commissioner Salim Adofo and Industrial Bank Partner to Address Youth Violence in DC

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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