According to the TIAA Institute-GFLEC Personal Finance Index, financial literacy among Black adults is around 38%. This number is even lower for Black youth. Now, a Black-owned bank is working to change that.
OneUnited Bank, founded in Boston in 1968, is the largest Black-owned bank in the U.S. and the first Black-owned digital bank. Its mission of closing the wealth gap by making financial literacy a core part of its business is in full effect with its annual I Got Bank Contest.
OneUnited has announced the launch of its annual "I Got Bank Contest" as part of its ongoing efforts to promote financial literacy among young people. The contest aims to educate youth on the importance of financial management. Kids submit creative essays or art projects detailing what they've learned from the book "I Got Bank."
OneUnited Bank hopes to spark interest in financial education and give Black youth the tools to make informed financial decisions. With prizes including a $1,000 savings account and a limited edition Black Panther comic, the contest incentivizes participation while highlighting the importance of financial literacy in paving the way for a brighter economic future.
Financial literacy is a way to ensure economic prosperity for the Black community. This contest is a fantastic opportunity for Black youth to read more and showcase their talents, while learning financial lessons that will prepare them for adulthood. Learn more about the contest here.