Chris Paul has entered into a partnership that considers the financial futures of the youth.
Goalsetter, a fintech company founded by Tanya Van Court, has shared results from a study it conducted with Ivy League university students revealing a significant lack of understanding when it comes to personal finances. When surveying 1,065 undergraduate students from Harvard University, Stanford University, and the University of Pennsylvania, the study revealed that the students answered on average only 51% of its financial education questions correctly. The questions were at the high school standard, and the percentage of acuity decreased even further when looking at only underclassmen, with scores of 48%. Furthermore, only 13% of students who took the quiz scored above a C-.
To create better outcomes, Goalsetter is committed to targeting financial initiatives towards the youth, and the company is strengthening its efforts through a partnership with NBA player Chris Paul, Oakland Fund for Public Innovation, and Nike to tackle the issue at the root. Now, 1,400 Oakland, CA-based students in 6th, 7th, and 8th grades will be exposed to financial literacy.
“Empowering our youth with the knowledge and tools to secure a financially sound future is not just a commitment, it’s a necessity,” Paul said in a press release provided to AFROTECH™. “We owe it to the next generation to lay the groundwork for financial success, ensuring they’re equipped to make informed decisions that will shape their lives and communities for the better. It’s about more than just understanding money; it’s about building a foundation of wisdom that will serve them for a lifetime.”
The partnership will provide students from Edna Brewer Middle School and Montera Middle School with access to educational materials, including weekly financial literacy quizzes that blend pop culture, memes, and gifs. Additionally, to aid educators and staff, a curriculum, titled “Goalsetter Classroom,” will be available to offer assistance with related materials.
Beyond the financial curriculum, students will also receive resources, including a savings account, which can be accessed via Goalsetter’s application, and $40 in stock from Nike that will directed to their Goalsetter investment account. What’s more, students will also be given a Cashola Card, which is a debit card supported by Mastercard that caters to the younger demographic, per Goalsetter’s website. The card also includes built-in features such as “Learn Before You Burn” and “Learn to Earn.”
“This is more than just a conversation; it is a step towards bridging the financial literacy gap for youth across America,” Court mentioned, according to the press release. “Chris Paul’s involvement has been instrumental in driving home the message that financial education is crucial for all, irrespective of socio-economic background. By teaching them core concepts like the Rule of 72, the power of compound interest, budgeting concepts, and more, we can break the cycle of costly mistakes that can delay their ability to build wealth.”
