Madison Square Boys & Girls Club Teams Up With Wells Fargo To Enhance NYC Youth Financial Literacy

April 24, 2024

In honor of Financial Literacy Month and National Volunteer Week, Madison Square Boys & Girls Club and the Wells Fargo Foundation has announced a strategic partnership.

The partnership is aimed at enhancing financial literacy among children and teens in historically marginalized communities. This collaboration expands access to vital financial education programs for Madison members at its Clubhouse locations across New York City.

At a financial literacy workshop held yesterday, Wells Fargo volunteers engaged with over 50 Madison teens, emphasizing the fundamentals of personal finance and stressing the importance of early financial responsibility. The day of learning concluded with a special check presentation to the Madison Square Boys & Girls Club for $300,000 from the Wells Fargo Foundation. The grant empowers the Club to enhance its existing programming, reaching more young members and equipping them with essential financial skills.

“… the tools they need to achieve financial stability …”

Tim McChristian, Executive Director of Madison Square Boys & Girls Club, expressed gratitude for Wells Fargo’s commitment to youth development: “Investing in financial education has a profound impact on our young people’s lives and futures. Thanks to our partnership with the Wells Fargo Foundation, we’ve been able to equip Club members with the tools they need to achieve financial stability—a life skill that will serve them now and in the future.”

Luisa Perez, Vice President of Philanthropy & Community Impact for New York at Wells Fargo, added: “As the Bank of Doing, we know that financial education is the pathway to economic mobility and building wealth, and that good money management skills lead to healthy financial futures. Wells Fargo is a proud supporter of the Madison Square Boys & Girls Club and their mission to invest in the futures of New York City’s youth.”

“… Teaching money management prepares teens for their future …”

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With soaring student and consumer debt, a volatile job market, and rising living costs, young people need a solid foundation for pursuing their dreams. The average student loan debt for students who graduated from college in 2022 was $37,574. A 2018 study from the American Psychological Association reported that 81% of young people aged 18-21 indicated money is their top stressor. Furthermore, low-income households often lack access to financial services and can fall prey to scams, high-interest rate loans, and debt. Teaching money management prepares teens for their future education, careers and other responsibilities.

Madison Square Boys & Girls Club

Madison has been serving New York City youth since 1884. A founding member of Boys & Girls Clubs of America, Madison offers a safe and supportive place after school and during the summer for over 3,000 youth (ages 6-18) annually at six Clubhouses located in the Bronx, Brooklyn, and North Central Harlem. Our programs are clustered around three priority areas: Academic Success, Good Character and Citizenship, and Healthy Lifestyles.

Photo credit: Madison Square Boys & Girls Club.

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