Building financial literacy
In 2018, we expanded access to the financial literacy curriculum to other Boston-area summer students outside of the MLK Scholars program. The curriculum is a series of 11 modules, with five minutes each of bite-size content covering basics such as the difference between debit and credit, starting emergency savings, and banking.
As part of the expanded program, our partner EVERFI surveyed 2018 participants for baseline data related to financial management attitudes and behaviours. The findings revealed that participating students experienced higher levels of preparedness for financial tasks and confidence in practicing healthy financial habits, compared to Massachusetts teens not in the summer program. The survey also revealed the top goal for participants is to avoid taking on new debt with 60 per cent making it a financial goal for the next five years.
"Financial knowledge and decision-making skills are key building blocks of sustainable financial well-being," said Meg Moyer, vice president, Research & Evaluation, EVERFI, Inc.
"By providing young adults with both education and opportunities to make real financial decisions with their own pay cheques, John Hancock supports the development of both knowledge and skills. In our research, we saw that MLK Scholars participants were more likely than their peers to say they felt prepared to manage a budget, understand credit, and finance higher education – all important financial skills they are now putting into practice."