Financial Education And Financial Literacy

Category: Financial Analysis, Financial Literacy

Last Updated: 19 Dec 2022

Pages: 3 Views: 285

Table of contents

Established in 2012, The Knowledge Bank is a 501c3 organization created to inspire confidence through financial education. Financial education in low income communities builds confidence by reinforcing the value of positive decision making; therein, transforming hope into tangible success. By leveraging technology and relatable, expert-guided content, KB empowers youth to build and maintain healthy financial habits while offering impactful and engaging programs. KB programs are designed for marginalized youth ages 11 – 18 throughout Davidson County. KB is committed to providing financial education and practical information to youth which includes:

• Web-based financial education workshops, which are engaging, interactive and outcome-driven;

• Real-life exercises and curriculum led instruction;

Order custom essay Financial Education And Financial Literacy with free plagiarism report

450+ experts on 30 subjects feat icon

Starting from 3 hours delivery

Get Essay Help

• Youth financial education resources and online games/tools that reinforce student understanding; and parental guides to continue youth engagement.

The Knowledge Bank is dedicated to teaching and improving financial literacy for students, ranging from middle to high school aged youth. Initiatives include financial education workshops, student ambassadors, and our community engagement component designed to support partnered nonprofits and teachers who aim to bring financial education into classrooms and/or programmatic efforts. All KB resources include national standards, best practices, and financial literacy facts.

Programs

Knowledge Bank Workshops

Our workshops teach students about the relationship between their decision making and their financial well-being. We believe that financial literacy is a practice and our workshops and resources are designed to promote life application in addition to conceptualization. We facilitate workshops and develop resources that enhance student experiences with financial education. Our workshops are designed to teach both middle and high school students the fundamentals of personal finance in an engaging, relatable, and interactive ways. We facilitate 24 workshops yearly and annually educate 360 youth.

Knowledge Bank Ambassadors

Knowledge Bank’s vision of creating a generation of financially knowledgeable, responsible and empowered youth lies within our ability to infuse our message of financial responsibility within the culture of teenaged youth. Our Knowledge Bank Ambassadors are MNPS student who uphold the values of the Knowledge Bank and serve as Hope Dealers in their respective schools and communities. Hope Dealers have both completed and volunteered in Knowledge Bank Workshops and have demonstrated basic understanding in financial literacy concepts (personal budgeting, debit, Banking awareness, etc.)

The Knowledge Bank Purpose

National reports show that young adults have amongst the lowest levels of financial literacy. Students in Tennessee ranked 35th in economic well-being and 33th in education. ( The Kids Count Report 2017). The Knowledge Bank believes by in empowering youth in financial education they can develop the skills needed to better navigate chooses between different careers and educational options. Youth today confront a financial marketplace significantly more complex than the one faced by previous generations. As many approach high school graduation, students find themselves faced with making important life decisions. The Knowledge Banks objective is to equip unserved youth with the knowledge to avoid financial pitfalls and help them become responsible adults who are wise consumers and financially secure.

Achievements 2018

The Knowledge Bank was selected as the financial literacy partner for Metro Nashville's summer youth employment program, Opportunity Now. (How many interns did you have and what were their duties?)
80% of students reported feeling better prepared to manage their money after our workshops (measured by Knowledge Bank participant surveys).
100% of high school participants created a personal budget.
83% of high school participants reported opening a checking and/or savings account at the completion of our program (measured by Knowledge Bank participant surveys).
59% of high school participants reported saving upward of $300.00 at the completion of our program (measured by Knowledge Bank participant surveys).
In April of 2017, in recognition of financial literacy month, we hosted our inaugural Young Money Matters Summit, which currently severs as Nashville's only financial education summit for youth. (Did you host a Summit this year?)

Funding Request

Award Ceiling Request: $5,000

The Knowledge Bank seeks funding in the amount of $5,000 from the Louie M. & Betty M. Phillips Foundation to support the implementation of our youth financial education enrichment programs. The requested funds would aid to support programmatic needs such as:

• workshop materials, supplies, and instruction ($2,500.00)

• educational software ($1,200.00)

• career exploration initiatives ($1,300.00)

Award Basement Request: $2,500

If awarded your generous contribution will be utilized to further our programmatic needs such as:

• workshop materials, supplies, and instruction ($2,500.00)