Our mission here at the Financial Literacy Club is to extend financial literacy resources to all, and it is essential to recognize those disproportionately affected by the lack of financial literacy education opportunities. Only 11.9% of students in the country are required to take a personal finance course — that number drops to only 7.8% for low-income students and 7.4% for students of color. The implications of this lack of education are clear: whereas 55% of white adults were able to correctly answer the P-Fin Index questions (a barometer that measures the knowledge of U.S. adults needed to make equipped financial decisions and effectively manage personal finances), only 37% and 41% of Black and Hispanic adults respectively answered correctly. When considering Charles Schwab’s Financial Literacy Survey, leaving underrepresented minorities and socioeconomically-disadvantaged students out of these courses only sets them up for failure as “Americans agree that lack of financial education contributes to...poverty (58%), lack of job opportunities (53%), unemployment (53%), and wealth inequality (52%).”

The Financial Literacy Club at UT Austin works to close the racial and wealth gap by reaching out and providing resources to all UT Austin students regardless of background. Our curriculum is written by students for students to learn about new topics in an accessible, comprehensive, and informative way. Employing a multimedia approach through our workshops, interactive programs, guest speakers, newsletters, competitions, and events, we appeal to any student’s preferred mode of learning. Inviting disadvantaged students into professional networks is key to this effort, which is why we offer students with the opportunity to connect with industry professional. As financial literacy expert, Carrie Schwab-Pomerantz of the Charles Schwab Foundation suggests, “financial literacy is about extending equal opportunities to all, regardless of socioeconomic background.” We here at the Financial Literacy Club agree and aim to ensure that the benefits of financial literacy can be enjoyed by all.