CBS 42: Birmingham investing $1 million to help students’ financial literacy

Phil Pinarski, CBS 42

BIRMINGHAM, Ala. (WIAT) — Birmingham Mayor Randall Woodfin announced that the city will be investing $1 million to help students in the Birmingham City Schools system become more financially literate.

The program, dubbed the BHM Financial Freedom Project, will be launched in the second week of October at six BCS campuses and will eventually be implemented at all schools in the district. Woodfin says this new partnership with the city, BCS and IMC Financial Consulting will give students in Birmingham something he never got as a child.

“I was taught about math, I was taught about reading, I was taught about social studies and science. What I was not taught about was financial literacy. That was something that I had to acquire on my own,” Woodfin said. “We want better for our children.”

The initiative will be the first in the country to “couple grade-appropriate and culturally relevant financial education with a savings account, an investment platform,” according to the city.

Students will receive specialized training as part of the project, receive a savings account, courtesy of Goalsetter that families can contribute to, and create stock portfolios. Those portfolios will feature stocks from companies in Goalsetter’s lexicon including Nike, Delta Airlines and Twitter. 

Jackson-Olin High School, Carver High School, South Hampton K-8 School, Hudson K-8 School, Sun Valley Elementary School and Robinson Elementary School will be among the first to pilot the program.

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