WHAT WE DO:
As a company, Schwab's purpose is to improve the financial fitness of all Americans.
With that goal in mind, the Charles Schwab Foundation is dedicated to helping to educate individuals at every income level and at every stage of life. We believe that, by understanding the basics and learning the principles of money management, people can better analyze financial choices and plan for the future. It's our goal to give people the foundation they need to make informed financial decisions so they can get the most out of their money.
Chuck Schwab, founder and CEO of The Charles Schwab Corporation and chairman of Charles Schwab Foundation, was recently appointed by President Bush as chairman of the newly-formed President's Advisory Council on Financial Literacy. He joins 15 other experts on the matter, including Laura Levine, the executive director of the Jump$tart Coalition®, in an effort to bring national attention to the need for better financial education and to find ways to improve financial literacy for all Americans.
Seventy percent of parents say they've taught their kids how to do the laundry, according to the results of our new 2008 Parents & Money Survey. And to balance a checkbook? Only 34 percent of parents step up.
Parents have a huge opportunity - and a responsibility - to teach their kids practical life skills. And the stakes seem to be getting higher. Ninety-three percent of parents worry that their kids could live beyond their means, get into credit card debt or start saving too late, among other financial missteps. Consider, too, that a full third of parents (33%) expect that even in their own retirement they will be needing to provide their kids with some financial support.
Our study uncovered many of the realities, challenges and concerns that parents are dealing with today, and it revealed many of the ways that parents can and do have a positive impact on their kids' financial futures. But they still face challenges, whether they feel unprepared to teach their kids about money management or because they think their children aren't interested. And they're not alone.
There's a clear need for financial education - both in homes and in the community - and Schwab is committed to making it happen. From Chuck's role in national efforts to a parent's role at the dinner table to a mentor's role at the local Boys and Girls Club, we offer guidance and resources to help teach financial literacy with these ongoing initiatives:
Consumer Research and Education
The results of the 2008 Parents & Money survey are available at www.aboutschwab.com, along with the results of the 2007 Teens & Money Survey. We've been doing research on families and money for almost ten years to discover people's behaviors and attitudes about money and to inform and guide how we teach financial literacy.
Schwab MoneyWise (www.schwabmoneywise.com)
For families and adults, this educational website covers much more than the financial basics. It offers handy tools for budgeting, saving and paying off debt, along with useful information on managing credit and debt, investing, saving and paying taxes.
Money Matters: Make It Count
In partnership with the Boys & Girls Clubs of America (BGCA), Schwab developed Money Matters: Make It Count. It is a financial literacy program specifically designed to help teens (ages 13-18) from disadvantaged circumstances. Since it launched in May 2004, the program has reached about 100,000 Boys & Girls Club teens at 884 Club locations across the U.S. have adopted the program. More information is available at http://www.aboutschwab.com/community/financial-literacy/index.html.
Foundation President Carrie Schwab Pomerantz promotes financial literacy on a wide range of topics through widely distributed publications and news columns. Some of these columns can be found on www.schwab.com/askcarrie. In addition, she writes a weekly column "Money and You" that is syndicated by the Copley News Service and can be found in newspapers across the country.
In addition, the Schwab Foundation offers grants and scholarships to help communities teach financial literacy and it underwrites the endeavors of Schwab employees who volunteer in their local communities.
Charles Schwab Foundation is a nonprofit public benefit corporation, 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.
Charles Schwab Foundation - Consumer Education
101 Montgomery Street
San Francisco, CA
Jump$tart Coalition for Personal Financial Literacy