Education for the Real World
Introduction by Ray Martinez, President and Co-Founder, EVERFI
When it comes to preparing young people to grow into financially healthy adults, financial knowledge—for example, knowing how to understand credit or calculate an interest rate—is important. Recent research shows that self-efficacy—the belief in one’s own ability to take action—is also a key ingredient in building financial capability.
As part of EVERFI’s partnership with John Hancock, and their support of the MLK Summer Youth Employment Program in Boston, we surveyed over 800 young people and found that they too agree they need to be well-informed in order to be financially successful.
That’s why we consider ourselves lucky to have the opportunity to work alongside John Hancock in their efforts to support summer youth employment, the city of Boston, and its next generation of leaders. Over the last several years, we’ve come to realize just how important it is to extend financial education outside of the traditional classroom, and to pair it with real-world opportunity and experiences. John Hancock’s leadership and commitment to Boston’s youth is a clear example of what it looks like when a committed corporate citizen truly understands the needs of their community.
Empowering Boston Students with Financial Guidance and Real World Experience
Original post (below) by Tom Crohan, AVP & Counsel, Corporate Responsibility & Government Relations, John Hancock
I wanted to share a meaningful civic commitment John Hancock made today. We announced over $1 million in grants through our MLK Scholars program to provide 630 Boston teens with summer jobs at 58 nonprofit organizations this year.
Now in its 12th consecutive year, MLK Scholars is a unique cross-sector collaboration John Hancock leads in partnership with The Boston Globe, Boston University, Partners HealthCare, and the City of Boston. It provides students from across the city with meaningful experience at non-profit organizations where they work for 20-25 hours each week, gaining valuable skills and earning a summer salary made possible by John Hancock’s direct funding. In addition to the work experience, all scholars attend a series of in-person leadership forums at Boston University where they engage with each other, adult volunteers, and business and civic influencers.
Additionally, through John Hancock’s partnership with EVERFI, a leading educational technology innovator, all scholars – and now teens who participate in other summer jobs programs in Boston – complete an interactive financial literacy curriculum to help them make informed financial decisions. And last year, we launched with EVERFI a 3-year longitudinal study to determine the impact these resources and summer work experiences have on teens.
Initial 2018 findings reveal that participating students experience higher levels of preparedness for financial tasks and confidence in practicing healthy financial habits, compared to Massachusetts teens not in the summer jobs program. The survey also revealed the top goal for participants is to avoid taking on new debt with 60 percent making it a financial goal for the next five years.
2018 marks my 9th year overseeing MLK Scholars at John Hancock. I’ve seen firsthand its positive impact in our community, and I am deeply grateful to all those involved in the effort who help make Boston a healthier and more equitable city.
*This post originally appeared on LinkedIn on Tuesday, January 22, 2019.