Aiming to eventually increase financial literacy in the United States, Penn’s latest social initiative — the Financial Literacy Community Project — is starting here in West Philadelphia.
Financial illiteracy “is one of the most-serious, yet least discussed, issues in America today” and is often “most serious in underserved neighborhoods,” College and Wharton sophomore and FLCP co-founder Katherine Long said.
Financial illiteracy is symptomatic among both adult and teenage populations in America. The average American household with one or more credit cards has approximately $10,700 in credit card debt and half of American teenagers consistently fail nationwide surveys on basic financial literacy knowledge, according to College and Wharton sophomore and FLCP co-founder Mimi Sheng.
Recognizing the important role that financial literacy plays in the current economic crisis, Long and Sheng created FLCP to assemble a team of students to spread financial literacy at local schools.
Starting next semester, FLCP members will go into Henry C. Lea Elementary School to teach students between grades three and six about financial literacy. The team will also provide transportation for West Philadelphia High School students to learn about financial literacy at an after-school program hosted at Penn.
Legal Studies and Business Ethics professor Nien-he Hsieh — one of the faculty advisors of FLCP — noted that the project is a great opportunity for both community service and “further thinking” and application of the concepts taught in class.
FLCP offers students compensation in the form of either a Management credit or a $1,000 stipend. MGMT 353 — the Wharton Field Management Credit awarded — can be counted toward a social impact concentration requirement in Wharton.
The project has already garnered students’ interest. Applications are due Sunday, and Long expects upwards of 70 for approximately a dozen spots.
Teaching experience, while preferred, is not necessary. The selection process, Long said, welcomes a diverse pool of talents and will focus primarily on leadership ability.
“In the end,” Long said, “good teachers are good leaders — they need to motivate a classroom to success.”
Long took care to clarify that the Financial Literacy Community Project is not a Wharton project — it is a “Penn project.”
Management professor Keith Weigelt, another faculty advisor of the project, agreed, saying he “would like to see more integration between the University and Wharton.”
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