Charles Schwab Foundation
Charles Schwab Foundation and Boys & Girls Clubs of America collaboratively developed Money Matters: Make It Count. The financial literacy program was designed specifically to help teens expand their knowledge of money management and learn skills that lead to financial independence and well-being.
Teaching Teens Money Management
Money Matters: Make It Count consists of the following components: Teen Personal Finance Guide, Program Facilitator’s Guide,MoneyMattersMakeItCount.com, Schwab Employee Volunteer Program, Money Matters Awards, Reality Store, and the $ky digital gaming experience. The volunteer component is particularly beneficial, as participating Schwab employees can pass their financial expertise on to Club teens.
Money Matters was piloted in 20 Club locations in 2003, then distributed to all teen-serving Clubs in 2004. Since its inception, more than 725,000 Club teens have completed Money Matters at over 1,700 Clubs. In 2015 alone, some 85,000 teens completed the program.
Money Matters has proven effective in making a positive impact on teens. An independent evaluation of the program in 2008 found participants were more likely to demonstrate improved financially-related behaviors. This included statistically-significant increases for opening checking accounts, applying for part-time jobs, developing spending plans and beginning to save money regularly.
Since 2004, Charles Schwab Foundation has presented a total of $516,000 in college scholarship grants to 259 teens, ages 16-18, who completed the program and demonstrated their newly-acquired financial literacy skills. Additional money management and financial literacy resources are available for teens, adults and families through Schwab MoneyWise.
About Charles Schwab Foundation
Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism. More information is available at aboutschwab.com/community. Charles Schwab Foundation is classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company, The Charles Schwab Corporation.
Reality Store is an interactive hands-on experience available through Money Matters, in which youth discover the realities of adult life – understanding careers and salaries, managing income and expenses as well as planning savings and investments.
During Reality Store, Club members draw a salary based on a specific career path they’re interested in and manage basic living expenses for themselves and a family. Participants rotate through various stations where they:
- Receive a checking deposit equal to one month’s salary from their desired job
- Spend their salary in the Reality Store on necessities and “extras”
- Learn the importance of saving
- Handle some of life’s unexpected events
- Balance financial resources and the lifestyle they want