Secure the Bag DC: Financial Literacy Classes for Children

It’s been over 150 years since slavery was abolished and we are still battling disparities in wealth that continue to impact African Americans.

Here are some of the statistics:
According to the New York Times, for every $100 in white family wealth, black families hold just $5.04.

The Economic Policy Institute found that more than one in four black households have zero or negative net worth, compared to less than one in ten white families without wealth.

The Institute for Policy Studies recent report The Road to Zero Wealth: How the Racial Divide is Hollowing Out the America’s Middle Class (RZW) showed that between 1983 and 2013, the wealth of the median black household declined 75 percent (from $6,800 to $1,700), and the median Latino household declined 50 percent (from $4,000 to $2,000). At the same time, wealth for the median white household increased 14 percent from $102,000 to $116,800.

Why are African Americans still at the bottom of the wealth scale? What needs to happen to change the narrative in communities that suffer from limited access to resources? How can we pool together to create more opportunities for the next generation?With Secure the Bag DC, Commissioner Salim Adofo will help address these issues.

He will pair together financial experts with youth and their families from some of the most marginalized and vulnerable neighborhoods in the District of Columbia to understand the principles of generational wealth.

The Goals of Secure the Bag DC are to:
1. Acclimate children to a professional environment and proper business etiquette.

2. Educate children and their families on good financial habits and create a culture of financial responsibility.

3. Address the challenges that lead to unbanked and underbanked individuals in the community.

4. Open savings accounts for children.

5. Teach children how to dress professionally.

6. Establish a relationship between the businesses, organizations, and families in the community.

7. Provide support to the Black-owned banks in the community

For Children Ages 13 - 17
Parents/Guardians must attend

Identification Needed:

Parent/Guardian
● State Issued Identification Card (Ex: Driver’s License, State ID, Passport)
● Social Security Card
● Proof of Address (utility bill, lease, cable bill)

Child
● Birth Certificate
● Social Security Card
● School ID if available