The 100 Black Men of Greater Washington DC aims to develop programs that address the economic underdevelopment of the African American community – programs designed to promote savings, home ownership and entrepreneurship. Our goal is to instill positive economic values in young people and encourage adults to realize their full economic potential.
The 100 Black Men Greater Washington D.C. Dollars and Sense financial literacy and education program teach students on how to make good financial and life choices. Many American families are struggling in the aftermath of the financial crisis, which reinforces the need for reliable and useful information to facilitate good financial choices. This year we have launched our program in three local High Schools to engage 180 students. We have recruited to act as instructors not only 100 members but also local members of the banking and finance community. Learning and receiving a sound financial literacy education is one of the key indicators of how successful our students will perform when dealing with their own money challenges.
Our dollars and sense efforts do not begin or end with our students in the program. We also include financial literacy in our mentoring program dealing with savings, credit scores and paying for college. We invite parents and members to take part in these sessions. In 2016, Wells Fargo conducted a survey and found out that only 5 percent of people ages 18-21 are confident they will achieve their financial goals. The survey discovered that only 41 percent know what a credit score is; only 28 percent understand annual percentage rates; only 41 percent understand the concept of the 401(K); and only 31 percent understand compound interest.