Top Business Leaders Start Movement to Embed Financial Literacy Into American Culture
ATLANTA – (COMMERCIAL THREAD) – A prominent group of business, sports, entertainment and non-profit executives meet today to launch “Financial literacy for all” a national initiative to support the integration of financial literacy into American culture. This 10-year commitment will reach millions of active young people and adults, enabling them to achieve greater financial success for themselves and their families.
The group of executives initially engaged in this effort include Doug McMillon, CEO of Walmart; Bob Chapek, CEO of The Walt Disney Company; Brian Moynihan, Chairman and CEO of Bank of America; Rosalind Brewer, CEO of Walgreens; Ed Bastian, CEO of Delta Air Lines; Roger Goodell, NFL commissioner; Adam Silver, commissioner of the NBA; Sal Khan, Founder and CEO of Khan Academy; Tony Ressler, executive chairman of Ares Management and principal owner of the Atlanta Hawks; and John Hope Bryant, President and CEO of Operation HOPE. MM. McMillon and Bryant will be co-chairs of the “Financial literacy for all” with the hope that the initiative will expand as more organizations connect to it.
“I believe we are at a point in history when the public and private sectors can come together to help every American reach their potential and participate fully in the world’s largest economy, ”said John Hope Bryant, founder and CEO of Operation HOPE. “With this initiative, we’re not just looking to change America’s relationship with their finances, but to change their mindset about what they can accomplish. I started Operation HOPE 29 years ago with the vision that financial literacy can change the lot of those less fortunate. I’m excited to launch this initiative and build on this vision: to reintegrate financial literacy into our culture, while genuinely engaging all of America where they learn, work and celebrate.
“Financial wellness starts with a good salary and benefits, but it also includes real career development opportunities and access to tools and resources that help manage day-to-day financial needs, strengthen financial resilience and planning for retirement. Said Doug McMillon, President and CEO of Walmart. “We have been raising salaries for years and it will continue. In February, we announced salary increases for our 425,000 digital and storage associates in our U.S. stores, and by year-end two-thirds of our U.S. store-level positions will be on time. full with consistent schedules. We provide innovative digital tools that help associates, at all income levels, manage their daily cash flow and build savings. Through our 401 (k) and associate share purchase program, both matched with the company, we help associates plan and save for their future. All of these efforts are supported by strong learning resources to help Associates manage their money effectively, plan and protect their finances, save, and implement investment strategies. We are inspired by the Operation Hope vision and look forward to collaborating with other great employers to discover new and better ways to support and engage our associates on their individual journey to financial well-being.
Highlighting the need for financial literacy, the Financial Industry Regulatory Authority’s current survey of the Investor Education Foundation found that only one-third of U.S. residents surveyed could answer basic questions about interest rates. , financial risks and mortgage rates, down nearly a quarter from 2009. Additionally, the cost of financial illiteracy to US citizens is estimated at $ 415 billion for 2020, according to a recent study of the National Financial Educators Council.
Given the importance and societal impact of financial literacy and with the goal of expanding people’s access to opportunities, these organizations are taking action now–leveraging their collective expertise in innovation and creation as well as their daily interaction with millions of employees, customers, customers and suppliers to drive a nationwide movement of financial capability. This alignment of vision and mission is supported by:
Make financial literacy easier to understand and raise awareness of its importance by making direct connections with working adults.
Provide targeted awareness to middle and high school students as well as those attending community colleges and 4-year universities with innovative awareness and existing “best practices”.
Specific milestones announced today include promoting a series of educational videos recently launched by Walmart that will reach over one million of its associates; Delta’s 80,000 employees in the US will have access to Operation HOPE in-person and / or virtual coaches and education program starting July 12; and Bank of America will expand access to its Better money habits® platform.
In addition, the following events will occur over the next thirty days:
June 3e, The Disney Institute will convene a group of leaders from each of the founding partners for a virtual conference to examine historical approaches to financial literacy, share their experiences and define a concrete vision for the future.
Announce the first wave of partner organizations joining as signatories.
To provide a resource directory of nonprofit organizations and agencies currently offering the best resources in the area of financial literacy.
To follow the progress and expansion of Financial Literacy for All, please visit FL4A.org.