The Money Coach program is a part of SecureFutures which has a mission to provide financial literacy programs and resources that empower students to make sound financial decisions and a vision to build strong communities where teens and their families make informed financial decisions and take control of their financial future.
The challenge that SecureFutures seeks to address is teens, especially those from underserved communities, need more than basic financial education in order to develop the habits that will allow them to achieve long term financial security and capability. And the solution is Money Coach. A unique semester-long financial mentoring program that engages small groups of high school juniors and seniors in the Milwaukee area. These teens are matched with teams of volunteer coaches who guide them through an in-depth financial literacy curriculum and provide one-on-one support as they put concepts into practice.
“There is magic in one on one mentoring and that is what our coaches are doing with our teens. It is basically taking basic financial and helping the teens put those concepts into action” States Brenda Campbell, President, and CEO of SecureFutures.
Students enrolled in Money Coach have the opportunity to earn a scholarship of up to $350 as they reach program benchmarks. This provides the students with real-life opportunities to learn how to responsibly use a bank account, track expenses, create and use a budget and make a plan for the future.
The lessons and concepts learned in Money Coach have far-reaching effects that go beyond the students. They are able to take this knowledge home and help their families and communities.
Stephanie Crosley, Program Manager of the Money Coach program explains, “One of the best parts of the Money Coach program is seeing the impact. The students aren’t just learning the information and keeping it to themselves, they are going out and educating their peers, siblings, or parents. There have been instances where students are bringing their parents to the bank and encouraging them to open a bank account.”
A few statistics from the Money Coach program:
Prior to Money Coach-
- Only 59% of students had a bank account
- Only 28% tracked expenses
- Only 28% regularly used a budget
Following the Money Coach Program
- 100% have a bank account
- 93% track expenses
- 84% regularly use a budget
A Money Coach Alumn puts it simply, “To the coaches, you save lives. You may not think you do, but you do. If it wasn’t for the things that I learned from you, I probably wouldn’t have the house that I live in. I have been able to take care of my brothers and sisters. You are all being able to help me help those around me.”
Congratulations to Money Coach!