Balancing checkbooks, buying stocks and avoiding debt are all items high school students in the Central Indiana area have the opportunity to learn while enrolled in the 100 Black Men of Indianapolis Inc.’s (The 100) Dollars & $ense Financial Literacy Program, which is now accepting applications. The 18-week program’s objective is to educate students on financial literacy and higher education through workshops and scholarships. At the completion of the free program — based on a student’s final competition score, quiz score, level of classroom participation, attendance and available funds — college scholarships given to students can range from $250 to $3,000 payable to any accredited higher education institution upon proof of enrollment.
Andre Givens, assistant secretary of the organization and chairman of the program, said this program has many benefits, especially for young African-Americans.
“There are so many long-term benefits to this program. African-Americans in the community as a whole lack and fall behind their peers in many areas from homeownership to foreclosures,” he said. “We are also one of the largest consumers, so we’re figuring out how to close that gap by exposing students early on, prior to graduating high school, so when they move on to college they won’t be so impressed with the ‘free T-shirt for signing up for a credit card.’”
Although the buying power for African-Americans has increased each year, there is an urgent need for financial literacy programs in the community. While African-Americans are going on to become doctors, lawyers and politicians, increased income does not translate to increased financial literacy. In a 2008 study conducted by Merrill-Lynch and Operation Hope, the African-Americans that scored highest on financial literacy tests were those in the lowest family income category (earning below $20,000 per year). The Pew Research Center also found the income gap between African-Americans and whites is approximately $85,000, hindering individuals from saving as much money as others.
The 100 helps to solve this issue by rewarding every student that completes the program with a scholarship.
“Education is the ultimate poverty eradication tool,” said Operation HOPE founder, Chairman and CEO John Hope Bryant in the study. “While all young Americans are in need of and deserve to learn financial survivorship skills, this is particularly important for African-Americans who currently lag in both the financial resources and financial literacy necessary to become stakeholders in our ‘ownership’ society.”
The coursework is compiled from three sources: Family Economics and Financial Education teaching modules, which were designed in conjunction with The University of Arizona; Better Investment Inc.; and original content developed by Dr. Matthew Will of the University of Indianapolis. The Dollars & $ense Financial Literacy Program is one of The 100’s national programs and was started in Indianapolis 14 years ago. The 100 is a youth development organization founded in 1984 and serves more than 700 Indianapolis youth each year through mentoring-based educational programs.
“We host a local competition after the program where family and friends come out and the students can demonstrate the knowledge they’ve learned in the form of a presentation. They are judged and the top three students are rewarded the top scholarships,” said Givens, who mentioned the chapter has won the national competition both in 2012 and 2013.
Givens also added that past program participants continue to contact the mentors they’ve interacted with during the program long after their completion.
“Surprisingly I’ve helped open a few broker account for students. They contact me constantly before they make a huge purchase such as a car. That’s what we want, we want to build a mentorship with these students,” mentioned Givens.
Parents and students are invited to an information session held on Oct. 14 at 6 p.m. in the RCI room at United Way of Central Indiana, 3901 N. Meridian St., to learn more about the program. The program’s application deadline is Oct. 16 at 11:59 p.m., and the program operates every Saturday at the University of Indianapolis from October to March from 9–11:45 a.m.
To learn more about 100 Black Men of Indianapolis Inc. and its Dollars & $ense Financial Literacy Program, visit 100blackmenindy.org or contact Andre Givens at andre.givens@outlook.com.
