World of Money is a non-profit organization and leading provider of 40 classroom hours of immersive youth financial education which engages and supports underserved youth in the New York area.
Today’s youth are unsatisfied with their financial stability and demonstrate low levels of financial knowledge. In a study by PWC, 34% of millennials report being unsatisfied with their current financial situation and only 24% demonstrate basic financial knowledge. With the right information, they can make their financial goals a reality. But for many, it’s hard to find those resources, especially if their parents and families are hesitant to talk about finances. World of Money partnered with Master Your Card in 2015 to provide comprehensive educational presentations and resources, helping students from elementary school through college understand the ins and outs of the financial system, how to plan for future success and how to make the most out of electronic payments and payment cards. CEO Sabrina Lamb is also a member of the Master Your Card African American Advisory Board, which is our eyes and ears on the ground in communities nationwide and informs program priorities.
Building on the success of the nearly 4,000 graduates from the program, World of Money leaders tapped the Master Your Card team to further develop the resources used during the World of Money Youth Financial Education Training Institute. Expanding off the five main tenets of the World of Money curriculum—learn, earn, save, invest and donate—Master Your Card created and taught a three-week series of classes to educate students on the basics of financial responsibility.
Led by Master Your Card Senior Advisor Mercedes Garcia, the Master Your Card classes for younger children and teenagers taught the basics of prepaid, debit and credit cards, how to use electronic payment technology to establish good financial habits and how to build credit and save money. Mercedes also introduced Master Your Card “game cards,” which highlight common need-to-know financial terms and concepts, and can be used in both the classroom and at home.
Finally, World of Money recently introduced a technology extension designed to reach five million students globally via 19 coalition partners, leveraging a new World of Money mobile video app. Geared towards youth and young adults between the ages of 7 and 25, this app features video modules—taught by youth for their peers—that are focused on topics such as budgeting, credit, investing, using mobile payments, entrepreneurship, renting your own apartment and more. With a range of over 64 animated videos that are 2-5 minutes long, users are given a personal lesson on financial capability with narration from actual World of Money graduates. The World of Money mobile app can be downloaded, at zero cost and is available on the Apple and Google Play app stores.
By partnering with groups who have similar goals, Master Your Card can reach more people and engage them around the power of electronic payments in building stronger financial futures. Our partnership with World of Money allows both of our organizations to reach more young people with the most up-to-date information about building financial knowledge and ultimately financial success. When we provide those educational resources, World of Money implements them throughout a large network of students, extending the power and promise of both of our missions.