Helping teachers and their students with financial literacy? Now there’s an effort we can get behind.
Learning to manage money well is critical to achieving financial independence and success; yet most young adults receive no financial education before they enter college or the workforce.
Recognizing this is a problem that needs to be addressed, AXA Equitable Life announced May 6 it is marking Teacher Appreciation Week with a $100,000 grant to Students Against Destructive Decisions(SADD) to fund a financial literacy program for teachers, students and their families.
Founded as Students Against Driving Drunk in 1981 in Wayland, Mass., SADD has grown to become the nation’s leading peer-to-peer youth education and prevention organization with thousands of chapters in middle schools, high schools, and colleges.
In 1997, in response to requests from SADD students themselves, SADD expanded its mission and its name and now sponsors chapters called Students Against Destructive Decisions.
“Teaching young people how to manage finances and build wealth is critical to our future as a society,” said Steve Scanlon, Managing Director and Head of Group Retirement at AXA Equitable Life. “By helping teachers and their students learn about personal finance, we can have a positive impact on their lives, and give back to the teachers who are tirelessly working to strengthen their communities.”
The grant to SADD will support the creation of a customized financial literacy program that will help students, their families and teachers manage money based on their life stage and goals.
AXA Equitable Life will work with SADD to create the program, which will pilot in select markets in the 2019-2020 school year. The program will include the following initiatives:
- Student workshops on how to set financial goals and achieve them—such as paying for college, buying a car, using credit cards, etc.
- Teacher workshops on how to teach financial literacy to students
- Career development and guidance for students interested in pursuing careers in finance
“As young people, teens gain little insight into the long-term consequences of poor financial planning,” said Rick Birt, SADD President and CEO. “We look forward to connecting our school-based chapters with AXA Advisors financial professionals to create a program that will give students, their families, and educators the opportunity to improve their financial literacy.”
Scholarship program expanded
In addition to the grant to SADD, AXA Equitable Life also announced it has expanded its annual scholarship program to include new grants honoring scholarship winners’ teachers.
The company, through its philanthropic arm the AXA Equitable Foundation, has now awarded nearly $30 million to more than 6,500 students and their schools since 2003. This year’s 369 students and their schools will receive a total of $1.8 million to support their education or professional development.
Each year, high school students from around the country are selected to receive scholarships of up to $25,000 based on their exemplary leadership skills and a commitment to making a positive contribution to the world, and their high schools also receive a $1,000 grant.
With the expansion, some winners nominating an educator who has had a positive impact on them or their school can receive a new, additional grant of $1,000 in honor of that educator, bringing their school’s total grant to $2,000.
The schools receiving the additional new grant are:
- Glenda Dawson High School, Manvel, Texas
- Cherry Creek High School, Centennial, Colo.
- Eastern Regional High School, Voorhees, N.J.
- Miamisburg High School, Miamisburg, Ohio
- Issaquah High School, Sammamish, Wash.
The 2019 National Winners ($25,000 student scholarship) are:
- Harrison Barnes—Woodbridge High School, Bridgeville, Del.
- Ryan Bell—Mark T. Sheehan High School, Wallingford, Conn.
- Avi Gupta—Catlin Gabel School, Portland, Ore.
- Maegan Jong—William Fremd High School, Palatine, Ill.
- Eric Li—Glenda Dawson High School, Manvel, Texas
- Paola Montilla—Robinson School, Guaynabo, Puerto Rico
- Anthony O’Leary—Kearny Digital Media & Design, San Diego, Calif.
- Carlee Rizzo—Nikiski Junior Senior High, Kenai, Alaska
- Anna Sun—Detroit Country Day School, Canton, Mich.
- Talar Terzian—Oak Hall School, Gainesville, Fla.
SEE ALSO: Tampa Bay Bucs’ Carl Nassib Tackles 401k Financial Wellness
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
