Launched by business leaders, professional sports, entertainment and non-profit sectors, and Operation HOPE, FL4ALL aims to reimagine Americans’ relationship with money.
The programme includes:
- Supporting financial literacy programs for the member organisations’ employees, estimated at nearly five million people;
- Advocating for financial literacy education to be provided to all students as part of their basic education;
- Lifelong learning for all adults;
- Distributing financial literacy resources through its Resource Library.
John Hope Bryant, CEO, founder and chair of Operation HOPE, commented: “We welcome the addition of these leading companies to our coalition with profound appreciation.
“The significance, reach, and impact that these leading organisations will have on our mission to enhance the financial landscape of our nation is incredible”, Bryant added. “Their commitment underscores the power of collective action and the shared responsibility we, as leaders in the private and non-profit sectors, have in empowering individuals through financial literacy. Together, we are helping by creating a future where financial literacy is not a privilege for some, but a fundamental right for all.”
FL4ALL and financial literacy: Growing in importance
Financial literacy is growing in importance as many young adults – otherwise known as Gen Z – are now entering the workforce.
According to a survey conducted by Interac, 42% of Gen Zs say they are more likely to feel stressed than other generations regarding their financial situation. Thirty-seven per cent (37%) describe feeling anxious about how they can manage their money in a cost-of-living crisis, while 31% say they feel overwhelmed.
Nearly eight in ten Gen Z respondents agree inflation (78%) and the cost of everyday essentials (75%) are two external factors influencing their ability to manage finances.