Chicago City Treasurer Melissa Conyears-Ervin closed out her office’s two-day “Whole Lotta Money: Youth Financial Empowerment Summit,” which featured financial literacy workshops and a financial resource fair geared towards young people to help them plan for their financial futures. The summit, held at the ComEd Recreation Center, also included basketball clinics hosted by Humphrey Hoops, Best Basketball, and Darren Group Basketball Camp to provide an engaging activity for young people to participate in while they are on school break.
Research shows that teaching young people financial literacy skills is critical to their financial futures. A report from the Brookings Institution found that financial literacy for teenagers has a positive correlation to accumulation of assets and an increased net worth by age 25, and the Financial Industry Regulatory Authority’s Investor Education Foundation found that those with a financial education have lower debt delinquency rates and higher credit scores. But currently, Black and Brown communities lag behind in financial literacy, with the TIAA Institute finding that 55 percent of White adults answered the TIAA Institute-GFLEC Personal Finance Index correctly, compared to only 37 percent of Black adults and 41 percent of Hispanics. Equipping all young people with financial literacy tools can help close the racial wealth gap in our city and our country.
Treasurer Conyears-Ervin closed out the two-day summit today by thanking partner organizations, including BMO Harris, the Economic Awareness Council, the Chicago Park District, and the Chicago Housing Authority. She also spoke with young people participating in the BMO Harris-led financial literacy workshops and the financial resource fair where participants were able to learn about money management, financial education, and other important tools.
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