Something is Missing
Former U.S. Bankruptcy Court Judge John Hargrove observed a commonality among the individuals who appeared before his bench. “They were financially illiterate, and over the years I saw more and more young people coming into court.” And the number of people filing for bankruptcy was growing; there was a more than 78 percent increase in Chapter 7 bankruptcy filings in the Ninth Circuit California Southern Bankruptcy Court between 2001 and 2010.
Kristy Gregg, vice president of community affairs for U.S. Bank, also recognized a need for better financial management skills among bank customers. She reached out to Janet Delaney at the San Diego Unified School District to learn about high school financial literacy education. It turned out that a majority of seniors were graduating with no formal knowledge of budgeting, savings, credit cards, loans or even credit scores.
It Takes a Village
Gregg and Delaney contacted other organizations they felt had a stake in this financial “game of life,” including several teachers and staff from the school district, other bankers, nonprofit and government agencies, legal professionals, and Judge Hargrove. In the fall of 2005, the Financial Literacy Task Force was convened.
The effort was funded by San Diego Grantmakers members San Diego National Bank (now part of U.S. Bank), Union Bank, and Washington Mutual (now part of JPMorgan Chase), that together with California Coastal Credit Union paid teachers to participate. SDG member United Way paid printing costs, and the District provided necessary staff and insight.
Curriculum Developed By Teachers, for Teachers
After reviewing materials used elsewhere, the teachers decided they needed to develop new curriculum. Over the next four years, a process of teaching and rewriting materials used in pilot classrooms emerged. The Task Force’s efforts were rewarded when, in 2009, the “Financial Literacy: The Game of Life” 10-day curriculum won approval by District officials to be taught as part of required senior economics classes.
The curriculum even includes seven lessons for students and parents to complete together. “Honestly, I learned a lot. I even help my parents with their income taxes,” said Holly Cao, a former Hoover High School student who participated in a pilot class in 2007.
A Model for Schools
Today, The Game of Life is also being taught in the Poway, Escondido and Carlsbad school districts, and is being considered in Orange County. “The ultimate goal is to have financial literacy be part of the state’s 66 standards (in education),” said Gregg, who continues to advocate for the curriculum.
What Does This Mean About Philanthropy?
The Game of Life is an example of how the resourcefulness of grantmakers can combine with the expertise of others to fulfill a community need. Each participant’s contribution was necessary to connect this invaluable information to young people. Their efforts could not only permanently improve the way financial literacy is taught in California schools, but also provide future generations a foundation of financial understanding that will benefit them into adulthood.
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