April marks Financial Literacy Month, and in celebration, the Omicron Delta Lambda chapter of the Alpha Phi Alpha fraternity is partnering with Wells Fargo Bank to offer financial literacy classes to students in Washington, D.C. This initiative, named the Alpha Finance Academy, seeks to enhance the financial acumen of young individuals throughout the capital. The program, launched in 2022, has already been introduced in 20 schools, positively impacting over 300 students by providing them with realistic financial scenarios.
Ben James Brown from Wells Fargo Financial Health explained that students are assigned profiles that include various aspects of adult financial responsibilities, such as budgeting, shopping comparisons, and evaluating needs versus wants. Each profile details their career, income, and personal circumstances, including marriage and children. Throughout the course, students must make financial decisions, manage their budgets, and understand the importance of insurance, housing, and transportation costs.
This program addresses a significant gap in the national curriculum, as financial literacy is often not taught in schools. Post-program data reveals that 88% of students gained a better understanding of smart financial choices, 82% now consider their needs and wants before spending, 76% have started saving, and 70% have improved their money management skills. The ultimate goal is to reach 1906 students, symbolizing the founding year of Alpha Phi Alpha. Brown hopes that students will appreciate the financial challenges their caregivers face and become more informed in their decision-making processes.