The inextricable link between financial education and economic wellbeing has been well established. A recent report by the TIAA Institute entitled, “Financial Literacy and Wellness of African Americans,” documented a financial literacy deficit among African Americans, compared to the general population. This lack of fiscal understanding translates into a reduced quality of life for African Americans and other individuals of color who do not have the equivalent level of financial knowledge of their mainstream peers.
Another report entitled “Index of African American Well Being in the Nation’s Largest Metropolitan Areas”, published by the UW-M Center for Economic Development in cooperation with the Milwaukee African American Leadership Alliance, indicated that Milwaukee’s Black population lags far behind other major metropolitan cities when it comes to commonly measured indicators of quality of life.
Operating from the premises that financial literacy is a core determinant of financial capability and empowerment, Milwaukee’s financial education network has come together to take a closer look at the financial literacy gap through a collective impact initiative. This effort was launched by Asset Builders of America Inc. and the United Way of Greater Milwaukee and Waukesha County. CLIMB, a program that was originally created to bring investment education to communities of color, will support this inter-organizational collective as the collaborators develop a common agenda to enhance the financial capability of youth and families of color, in Milwaukee and beyond.
Already operational, the Collective Impact Network chartered a new pathway to bring investment education and exposure to Milwaukee youth through the Stock Market Game Summer Pilot. The summary report of this groundbreaking initiative which was greatly assisted by Economics Wisconsin, can be found here.
Thanks to all the collective impact collaborators who are earnestly working together to create a fair and just societal framework in which all citizens can learn, grow and thrive!