Why did a teacher and an investment company invest in Financial Literacy?
There are three things you do not talk about at the dinner table: religion, politics, and finances. However, that lack of conversation did not serve me well when I became financially independent at an early age; I did not know the basics of financial wellness. As a result, I lived constantly stressed about money, and I wasn’t alone. According to “PwC’s 8th Annual Employee Financial Wellness Survey, PwC US, 2019”, 67% of current employed Americans say that finances cause them stress. In fact, finances have been shown to be more stressful than jobs, relationships, and even health. This comes as no surprise; outcomes of key financial finance decisions typically have a long-term impact on our lives. While often uncomfortable, discussions regarding finances are crucial for helping individuals live the lives that they want.
Fidelity is about a 40 minute commute for me; over the summer I got into podcasts during the drive to help pass the time. During one trip I stumbled on the podcast “How To Money” (I highly recommend a listen). One episode centered around high school teacher and assistant principal Dan LaSalle. Dan saw a need for financial literacy in his community and created a personal finance program that not only teaches students the importance of budgeting, saving, and investing, but also gives them the opportunity to earn up to $5,000 a year and put that money into a bank account of their own. I reached out to Dan after listening to the podcast in regards to resources and ideas moving forward with my Kenan Fellows project. Along with recommending Next Gen Personal Finance, he sent a copy of his unpublished “text book” he uses in his course. In this book he defines personal finance as a vehicle to self-actualization; self-actualization is “the ability to become all you can be; to live your life the way that fulfills you.”
Abraham Maslow, a well-known name in the world of education, created a pyramid of human needs that leads to self-actualization. As Dan explained regarding this pyramid, money is one of the only things that help to meet all your needs: money helps to buy food,meeting your physiological needs; money helps to pay for a roof over your head, meeting your safety needs; money helps you live a social life without stress, meeting your societal needs; money allows you to feel competent and capable, meeting esteem needs. With these needs met, you can actualize to become the person you want to be. Meeting these needs looks different for each individual, and the vision of actualization varies from person to person; the core of financial literacy can help build a foundation for every person to live the life they want.
Fidelity Investments truly cares, inside and out, about helping people self-actualize, using finances as a tool to get there. I truly care, inside the classroom and out, about helping my students become everything they want to be and living their own dream.
Why did a teacher and an investment company invest in Financial Literacy?
To help people live the lives they want.
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Fidelity uses their financial expertise as a way of helping people live the lives they want. Check out this video of Fidelity´s purpose.
Check out these info graphics to learn more about the need for Financial Literacy in schools.