Nonprofit organization 100 Black Men of America and Wells Fargo recently announced a new partnership to expand their program to teach children how to invest through technology.
Announced last week, the institution will reportedly use a $600,000 grant provided by Wells Fargo to make their Junior Investment Club program available to 30 more markets across the U.S. Launched approximately five years ago, the Junior Investment Club uses a curriculum-based simulation game to teach children what they need to know to invest.
The AIFMA Foundation Stock Market Game stimulates the real-world stock market. Throughout the course of 14 weeks, children participating in the program are given $100,000 virtual money to build their portfolios with stocks, bonds and mutual funds.
We’ve had an eventful week! The 100 is dedicated to the improvement of quality life of African American communities around the world. This year’s 38th annual conference was game changing! Let’s take a look at a few of the moments from this weeks events: pic.twitter.com/CQzbzDIyBG
— 100 Black Men (@100BlackMen) June 15, 2024
Mentors are available to support the children. This year, 36 mentors from 100 Black Men of America joined to help 750 high school students compete in the annual Junior Investment Club Competition. Held at the 38th Annual Conference of the 100 Black Men of America, along with announcing the expansion of the program, approximately 128 students from the top five teams were also awarded $200 each.
“For roughly 35 years, the 100 Black Men of America and Wells Fargo have worked together to increase pathways to economic advancement,” said the Wells Fargo head of Philanthropy and Community Impact, Darlene Goins, per a statement. “We look forward to expanding the Junior Investment Club to provide more youth with a solid foundation to achieve their future financial goals and grow generational wealth.”
According to a Brookings report released earlier this year, Black wealth in the U.S. is on the rise. Data from the Federal Reserve’s Distributional Financial Accounts show that between 2019 and 2022, the median wealth for Black Americans increased to $44,890 from $27,970.
While the median wealth increased, the racial wealth gap, however, also increased by a reported $49,950. As of now, the difference in median wealth between Black American households and white American households is approximately $240,120. Overall, for every $100 white Americans had, Black Americans had only $15.
Although the wealth gap has increased each year since 2010, the newest data marks the biggest increase in disparity since 2007.
By investing in the youth, 100 Black Men of America are looking to decrease the racial wealth gap.
“100 Black Men of America is grateful to Wells Fargo for the tremendous impact the Junior Investment Club is having on our mentees by providing early exposure to investment practices that provide additional pathways to economic opportunity,” said Chairman Milton H. Jones per a statement. “The decision by Wells Fargo to invest in the expansion of this program is a demonstration of their belief in our shared mission and ultimately to provide financial education resources to youth that will positively impact their futures.”
