A new $1 million commitment from Charles Schwab Foundation will help advance youth financial capability, capital markets literacy and civics education in U.S. public schools.
This three-year grant will support the SIFMA Foundation’s Capitol Hill Challenge, an innovative national financial education competition for public junior high and high schools that reaches all 50 U.S. states and connects members of Congress with students, teachers and schools competing in The Stock Market Game in their respective districts.
Through its support of this program, Charles Schwab Foundation will engage thousands of student teams as managers of a hypothetical $100,000 online portfolio that they can invest in stocks, bonds and mutual funds. Participants develop essential skills like teamwork, cooperation, research, analysis and decision-making, while enhancing their core academic knowledge.
Expanding schools’ access to financial capability educational programs is a beneficial investment. Research shows that exposure to financial education throughout life can be one key to financial success.
The grant from Charles Schwab Foundation, announced June 21, provides public middle school and high school teachers nationwide with the support they need to bring financial education into their classrooms including curricula and teacher training, among other benefits, along with assistance in developing contact with members of Congress.
“This commitment extends Schwab’s support of financial education for everyone, from teens to adults, and can help advance middle and high school students’ understanding of personal finance, the capital markets, and math and economics – all of which are so important to success in our rapidly changing world,” said Walt Bettinger, president and CEO of The Charles Schwab Corporation. “We strongly believe in the power of financial education to transform lives and enable people to achieve more for themselves and their loved ones.”
Adding to the excitement for students and their teachers, members of Congress visit schools to meet with student teams and discuss current issues and the importance of financial capability.
“Charles Schwab Foundation’s cornerstone support for the SIFMA Foundation’s Capitol Hill Challenge lays the groundwork for a financially prepared, economically savvy generation that also understands the role of government in policymaking,” said Melanie Mortimer, president of the SIFMA Foundation. “Together, we are paving the way for stronger, more cohesive and vibrant communities by connecting members of Congress with their youngest constituents.”
Since its inception in 2004, the Capitol Hill Challenge has made 3,272 matches of U.S. representatives and senators with schools, encompassing more than 90,000 students across the country. The program has had a proven impact in raising students’ math, economics and personal finance test scores.
Schwab is the first company to make a public commitment toward increasing financial capability and inclusion through the national sponsorship of SIFMA Foundation’s Capitol Hill Challenge program.