The City of Birmingham announced Tuesday it invested $1 million for a financial literacy initiative aimed to benefit Birmingham area students.
The city said funds will help to launch a partnership with Birmingham City Schools, IMC Financial Consulting, and the Goalsetter savings app for what will be called the BHM Financial Freedom Project.
Participating students are expected to gain lifelong financial skills, receive coaching, and create their own stock portfolio.
“The time is now to ensure that our youth are the most financially prepared and successful generation our country has produced,” said Birmingham Mayor Randall L. Woodfin. “We have both a professional and moral responsibility to ensure the academic and financial success of our students. Their participation in our local, national and global economy is critical to the future of our community and our country, and it is our responsibility to cement their financial foundation as a cornerstone of their financial well-being.”
The city said the initiative would be the first in the country to couple grade-appropriate and culturally relevant financial education with a savings account, an investment platform, and classroom curriculum powered by Goalsetter and Goalsetter Classroom.
The pilot phase will launch in October 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.
"Our job is not just to prepare students for college and careers, it is to prepare students for life, and that's what the Birmingham Financial Freedom Project does,” said Birmingham City Schools Superintendent Dr. Mark Sullivan. “This is a one-of-a-kind partnership because the deliverables are built on a 360-approach to solving the wealth gap by providing the education, resources and opportunity needed to break the cycle of poverty and get people on the path to building wealth.”
BHM Financial Freedom Project will feature in-classroom lessons on financial psychology, account management, budgeting, credit, savings, investments, debt, taxes, and cryptocurrency.
There will also be financial empowerment fairs, monthly financial workshops and one-on-one financial consultations. Training will be led by IMC staff and volunteers from local financial institutions.
The city said Birmingham educators and parents also will be equipped with financial knowledge through the BHM Financial Freedom Project.
“Most initiatives solely focus their resources on what’s needed to establish a functioning learning environment for the students, and unintentionally overlook the faculty/staff and parents/caretakers that will be cultivating it,” said IMC Financial Consulting CEO Isaac M. Cooper. “We can only give students the foundation they need for future financial success if educators and staff feel more secure in their own financial beliefs, knowledge, habits and goals. And we must be equally vigilant about providing the adults in their households with the same level of support.”
The city said the content on the Goalsetter app includes hundreds of hours of engaging video mapped to national financial standards.
In addition, the Goalsetter Foundation will donate stock to Birmingham students, which will be provided by its partner companies including Nike, Delta, Twitter, Lyft, HP, Comcast, and others.
“BHM Financial Freedom Project is the latest in the city's plans to bolster student achievement," said Galvin Billups, director of the Department of Youth Services. "DYS and BCS are working on several innovative initiatives prioritizing the city's commitment to supporting students.”