SAN FRANCISCO--(BUSINESS WIRE)--The Charles Schwab Corporation has announced that it will be piloting a program of matching individual donations for classroom projects, pre-Kindergarten through 12th grade, designed to build financial literacy for today’s youth. The matching donations will be provided through the innovative nonprofit organization DonorsChoose.org. Any public and charter school teachers across the U.S. can apply for grants to fund personal finance education projects through the DonorsChoose.org website.
According to the Council for Economic Education, fewer than half of all schools across the country require a course on personal finance. Yet today more than ever, Americans struggle with student loan debt, credit card debt and general management of monthly expenses – not to mention saving for retirement. The need for financial education is critical in building self-reliance within an increasingly complex financial landscape.
Even those teachers who want to equip their students with vital lessons on personal finance often feel they lack the resources to do so. Schwab’s initial $100,000 sponsorship with DonorsChoose.org will help close that gap by providing dollar-for-dollar matching donations for projects that incorporate financial education, giving teachers and students the materials and experiences students need to succeed. Financial education projects with a total cost of up to $1,500 are eligible for the matching donation.
“We have a long history at Schwab of providing financial education for people at all stages of life,” said Carrie Schwab-Pomerantz, senior vice president of Schwab Community Services and president and chair of Charles Schwab Foundation. “Our corporate foundation’s flagship financial education program for youth, Money Matters: Make It Count through Boys & Girls Clubs of America, has reached nearly three-quarters of a million teens to date. The opportunity to further extend our reach by working with DonorsChoose and encouraging individual donors to join us in supporting public schools is very exciting.”
Seventy-four percent of public schools nationwide have posted projects on DonorsChoose.org, and 2.4 million U.S. citizens have donated. Yet only two percent of the projects to date are focused on financial literacy.
"We so appreciate Schwab's support of financial literacy classroom projects," said Charles Best, founder of DonorsChoose.org. "Schwab's contribution will give teachers tools to help their students develop a sound financial education, a critical life skill for students' future success."
Founded in 2000 by a Bronx history teacher, DonorsChoose.org has raised more than $510 million for America's classrooms. Teachers come to DonorsChoose.org to request the materials and experiences they need most for their classrooms, and donors give to the projects that inspire them. More than 2.4 million people and partners have funded 860,000 projects on the site, reaching nearly 22 million students and making DonorsChoose.org the leading platform for supporting U.S. public schools.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 335 offices and 10.2 million active brokerage accounts, 1.5 million corporate retirement plan participants, 1.1 million banking accounts, and $2.78 trillion in client assets as of December 31, 2016. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.
About Charles Schwab Foundation
Charles Schwab Foundation is an independent nonprofit public benefit corporation, funded by The Charles Schwab Corporation and 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. Its mission is to educate, volunteer and advocate on behalf of those in need so that everyone has the opportunity to achieve financial well-being. More information is available at www.aboutschwab.com/community. Charles Schwab Foundation, The Charles Schwab Corporation and its subsidiaries are not affiliated with the Boys & Girls Clubs of America and DonorsChoose.org.