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Nationwide, nearly 90,000 young people in some 315 schools and 25 community organizations have participated in Banking on Our Future. Most are Hispanic and African-American youngsters ages 10 to 18 living in under-served communities.
Banking on Our Future places volunteer finance professionals in formal and informal classrooms to introduce the fundamentals of banking, checking, savings, credit and investment. Volunteers discuss the role of money, examine the complexity of credit, talk about opening and maintaining checking and savings accounts, and explore personal investing. Operation Hope has trained its network of over 600 volunteers—including Merrill Lynch professionals—to:
- Present banking concepts in terms that youngsters can understand and put to use right away
- Translate expertise to practical perspectives on financial responsibility
- Share real-world consumer experiences
Banking on Our Future does more than help youngsters develop lasting financial habits. It teaches students to take responsibility for their economic well-being and, most important, offers them a message of hope about their financial future. In 2003, Operation Hope educated 980 students at twelve community based organizations in the Los Angeles area with the Banking on Our Future program.
Merrill Lynch funding supports the expansion of Banking on Our Future to schools in low- and moderate-income communities across Los Angeles. A model of innovation, the program can be easily replicated.
"Communities will benefit in critical ways with the expansion of financial literacy provided by Banking on Our Future."
- Joy Hoffman, VP, Federal Reserve Bank of San Francisco
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