Provided by Tomorrow’s Cultivating Youth Inc.
This year marks TCYouth Inc.’s fourth year of providing Financial Literacy Workshops through a mentorship program to youth in the communities and schools. The next program will be held on Sunday, March 13, 2022 at 2:00 p.m. at the D.I.C.A. Center for the Arts, 2700 Potomac Mills Circle, Suite 108, Woodbridge.
In their first year, TCYouth Inc. surpassed their goal and visited five schools throughout Stafford and Prince William County, teaching financial literacy. Due to this initial success, their goal for Fiscal Year 2022 is to reach more schools and youth in the communities. To achieve a better understanding of the importance of financial literacy and management, TCYouth Inc. has added a Life-Size Walk up bank, to answer ask real life questions about banking; a Financial Literacy Jeopardy, to reinforce understanding of terminology; and a floor-size Budget-O-Poly game, making learning more interactive and fun, all while comprehending the importance of finances. one in five teens lacks a basic foundation to build on for financial literacy. According to a 2015 PISA Study, 22% of teens lack a foundation in basic financial skills. 32% of teens can’t identify the difference between a credit card and a debit card; one in three Americans delayed a major decision due to finances; 46% of teens don’t know what a 401(k) is; 74% of teens don’t feel confident about their own understanding of financial literacy or education.Financial Literacy is more important than ever. According to a Greenlight 2021 study,
The scope of the Goal Setting and Financial Literacy Workshops are to teach the youth of Prince William and Stafford Counties how to set goals to break generational habits of lack of financial literacy. This lack leads to systematic dependency, paycheck to paycheck status, and debt. There is an urgent need for teaching financial literacy to youth, especially at-risk youth. Many young people seem to not understand how APR works, consequences of late payments accruing interest, credit cards vs. debit cards, checking and balancing, and how it all affects their life now and the future. Teaching youth how to earn, manage and invest their money is important, as is wants versus needs.Young people are taught the importance of financial literacy and how to build and keep their credit scores great; importance of budgeting and to instill economic growth and achieve successful employment status. These workshops provide youth with a sense of satisfaction and accomplishment on setting realistic timelines for their achievements.