TMJF Financial Literacy Program - Newark Public Schools

TMJF Financial Literacy Program - Newark Public Schools Partnership

Geographic Scope: Newark, New Jersey

Partner Organization: Newark Public Schools (NPS)

Focus Areas:

• Closing the racial wealth gap
• Financial literacy education
• Student savings account establishment
• Career pathway exposure
• College and career preparation

Student Savings Account Initiative

• Provides savings accounts for students across three Newark high schools
• Four-year commitment of up to $40,000
• Initial deposit of $40 per account
• Target: 250 incoming freshmen
• Platform: Goalsetter (Black-owned family banking and financial literacy platform)

Participating Schools:

1. Newark School of Global Studies - Diplomacy, International Business, Humanities academies
2. Newark School of Fashion & Design - Creative and academic pathways
3. Newark School of Data Science and Information Technology - STEM and research focus

Program Goals:

• Aligned with NPS mission for academically rigorous and culturally responsive instruction
• Prepares students for success and builds knowledge
• Fosters leadership and character development
• Provides world-class education for every child in Newark

Long-term Commitment:

TMJF committed to building out a Digital Education Academy to help NPS students discover passion and career pathways, offering disciplines including:

• Filmmaking
• Design
• Digital marketing
• Coding
• Advertising
• Music
• Fashion

Research-Backed Benefits:

• Youth with savings accounts are 6x more likely to attend college
• Youth with savings accounts are 4x more likely to own stocks as young adults

Addressing Systemic Inequities:

Studies project that by 2053, African Americans will have negative net worth in the US; Latinx communities are 20 years behind. This program aims to address these disparities early.