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An estimated 67% of adults worldwide are financially illiterate. This bank is trying to turn those statistics around. Read on for the details.
Image source: Getty Images
OneUnited, the largest Black-owned bank in the U.S., is on a mission to end financial illiteracy. Consider this: It is estimated that 67% of the world’s adult population is financially illiterate, meaning they lack an understanding of basic financial concepts. There’s a danger in not understanding finances. Not only does financial illiteracy make it easier to take advantage of a person, but it also prevents that person from building wealth using basic financial strategies.
OneUnited continually rolls out new, innovative financial education programs for its customers and the community to enjoy, but working with adults is not enough. Bank leaders want to reach community members while they’re young and open to new ideas. Ideally, these children will grow in financial confidence and move into adulthood as savvy wealth builders.
A contest and a partnership
This month, as our nation commemorates the emancipation of enslaved people, OneUnited is sponsoring the 13th annual “I Got Bank” National Financial Literacy Contest. Each year, students from across the U.S. between the ages of 8 and 12 read a financial literacy book of their choice and either write a 250-word essay about what they learned or create an art project that illustrates how they might apply what they’ve learned in their daily lives. The bank chooses 10 winners and awards each a $1,000 savings account at OneUnited Bank.
What sets this year’s contest apart is that OneUnited has partnered with Visa and Marvel Comics to present material in a new way and get kids excited about personal finances. To that end, Marvel has created a one-of-a-kind Black Panther comic book called “Investing in Each Other!” Not only is “Investing in Each Other!” visually stunning, but it also manages to introduce financial concepts while holding off the bad guys. Making it even more special, Ant-Man, The Wasp, and The Incredible Hulk all make guest appearances.
OneUnited is offering this custom edition comic book at its branches in Boston, Miami, Los Angeles, and Compton on a first come, first served basis. And every child who submits their contest entry online can access a free digital version of the Black Panther comic book. In addition to the comic book, children who enter the contest will also receive a free e-book called I Got Bank. I Got Bank is a children’s book by OneUnited Bank President Teri Williams.
“We are excited to collaborate with Marvel Comics and Visa to promote financial literacy,” Williams said. “Our contest, free e-book, and now this new comic book make it easy for families to teach their children how to save and make financial literacy a core value in the Black community.”
Bridging a gap
Historically, children of color have had less access to basic financial education. Whether a child reads to themselves or an adult enjoys the comic book with them, “Investing in Each Other!” takes another step toward bridging the financial education gap. The story seamlessly integrates concepts like saving money, investing for the future, the value of supporting small businesses, and the fundamental value of giving back.
Just as children’s favorites like The Giving Tree and The Most Magnificent Thing entertain while gently sharing hard-earned wisdom, “Investing in Each Other!” blends financial insight with a story exciting enough to keep children hooked.
In a perfect world, we would have all moved into adulthood with enough financial insight to avoid some of our big mistakes. OneUnited may not be able to reach every child in the U.S., but those who are reached are far more likely to go out into the world with the financial confidence to change their lives.
For more information about the “I Got Bank” National Financial Literacy Contest, visit www.oneunited.com/book.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Visa. The Motley Fool has a disclosure policy.
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