Nearly Half a Million High Schoolers will Receive Life-Changing Personal Finance Education Funded by a Grant from Michael Jordan and Jordan Brand and Implemented with Next Gen Personal Finance
An astounding 498,000 primarily Black and Hispanic students who attend 639 high schools across the United States will have access to a personal finance course thanks to a one-time grant to nonprofit Next Gen Personal Finance (NGPF) from Michael Jordan and Jordan Brand.
The grant is modeled after NGPF’s Financial Equity and Empowerment (FEE) Grant program, which began in 2020 as part of the organization’s commitment to increase access to financial education within school districts serving majority Black and Hispanic students.
Through the FEE Grant program, NGPF partners with the largest U.S. public school systems who share a commitment to increasing the financial capability of their students. Funds support a dedicated Personal Finance Specialist, who will work locally to provide curriculum support and professional development to teachers in their district with ongoing assistance from NGPF.
Additionally, the Jordan grant provides for extras such as an expansion of NGPF’s online curriculum offerings and the creation of student investment clubs coordinated via the personal finance specialists in cooperation with teachers.
Financial Equity and Empowerment (FEE) Grant recipients supported by the 2022 Jordan grant include the Fund for Public Schools, which supports New York City Public Schools; Philadelphia Financial Scholars, which supports public high schools in Philadelphia; Charlotte-Mecklenburg Schools; Fulton County Schools (Atlanta, Ga.); Guilford County Schools (Greensboro, N.C.); and Detroit Public Schools Community District.
These school systems were chosen not only because of their large number of students, but also because the percentage of Black and Hispanic students ranges from 56-95 percent, furthering the impact of the grant.
“This grant has the opportunity to change the financial trajectory of historically excluded communities across the United States,” said Tori Mansfield, NGPF’s Senior Program Manager, who leads this grant initiative. “Students will graduate understanding how to maintain good credit, invest in the stock market, and prepare financially for life after high school.”
A study conducted by Montana State University’s Dr. Carly Urban of nearly 12,000 public high schools serving more than 12 million high schoolers shows access to financial education courses to be inequitable, especially for Black, Hispanic and low-income students.
Excluding the eight states that have fully implemented a one semester high school personal finance course guarantee for all students, she found that just one in nine students in the rest of the nation will receive financial education prior to graduation.
However, this number dips to one in 20 students in schools with more than 75 percent of students eligible for free or reduced-priced lunch or more than three-quarters Black and Hispanic student populations.
One study from economist Daniel Mangrum found that among first-generation or low-income students who had taken such a course, loan repayment was higher, which suggests those students were more likely to have finished college and found a higher-paying job. Another study found after personal finance education is required, credit scores go up and delinquency rates go down.
“We are amazed by the generosity of Michael Jordan and the Jordan Brand, which will increase access to this essential course and build financial capability for the next generation,” said NGPF Co-Founder Tim Ranzetta.
This institutional grant to NGPF was made through Michael Jordan and Jordan Brand’s 10-year, $100 million Black Community Commitment (BCC). Established in 2020, this joint commitment is designed to drive sustainable solutions and systemic change for Black communities through investments centered in economic justice, education, narrative change and social justice. The BCC’s institutional grantees are leading the way to create a world in which Black people can thrive.