The Birmingham City Council on Tuesday approved another $1 million to support a financial literacy program that began last year in Birmingham City Schools to coach students, teachers and staff on bank accounts, stocks and saving.
The financial workshops also teach the importance of good credit and the danger of high-interest loans.
Last year, the city joined in a partnership with IMC Financial Consulting, which taught financial workshops and led personal finance consulting sessions, and Goalsetter, an app that students downloaded to access bank and investment accounts.
“It started last year in six schools; this year we’re scaling into 20 schools,” said Isaac M. Cooper, CEO andManager Partner of IMC Financial Consulting.
The pilot phase launched in October 2022 at six Birmingham schools: Jackson-Olin High School, Carver High School, South Hampton K-8 School, Hudson K-8 School, Sun Valley Elementary School and Robinson Elementary School.
The Goalsetter Foundation donated stock to Birmingham students, which was provided by its partner companies including Nike, Delta, Twitter, Lyft, HP and Comcast. Goalsetter last year provided 5,000 bank and investment accounts for students, faculty and staff at the pilot schools, with $250,000 worth of donated stock placed in investment accounts. That worked out to each student getting an account worth $40.
“We are focused on growing generational wealth in our community and ending the cycle of concentrated poverty located in pockets throughout our city,” Birmingham Mayor Randall Woodfin said. “In order to accomplish that, we must invest in financial literacy for our youth.”…
