Our Mission is Financial Equity

Financial Education Empowers Financial Equity

Financial education is crucial to achieving financial equity in a more inclusive global digital economy. But what does it mean in the first place? Financial education is about empowering you to effectively navigate personal finances, budgeting and investing.

People with access to greater financial education tend to:

  • Save for retirement
  • Set aside non-retirement savings
  • More easily navigate unexpected expenses
  • Be less financially fragile overall

Even though financial education is critical for individuals to succeed in the digital economy, the curriculum needed is far from commonplace in American schools. This is where financial equity comes into the equation.

The lack of financial education disproportionately impacts communities of color – according to the FDIC, 47.3% of all African American households and 42.9% of all Latino households are financially underserved. Managing money outside of traditional banking systems because of a lack of education and trust is expensive, with underserved households spending an estimated $38 billion each year on alternative financial services alone.

Master Your Card and Mastercard are on a Mission to Achieve Financial Equity for All

Since 2011, Master Your Card (MYC) has been working to bridge the financial knowledge gap through financial education resources, partnerships with community leaders focused on financial literacy, and electronic payments technology.

To date, MYC has reached more than 55,000 students with financial education resources, engaged with thousands of individuals and small business owners through events and trainings, and partnered with more than 120 committed organizations to empower equity in local communities across America.

In 2020, as America has battled impacts of the COVID-19 pandemic and woken up to national calls for racial equity, we’ve set our sights even higher. This summer, Mastercard announced it is investing $500 million in Black communities across the U.S. through a variety of programs across the country. In parallel, Master Your Card has conducted financial empowerment digital sessions and launched new resources built for remote learning.

Master Your Card’s Financial Literacy Resources Include:

  • Educational sessions through Mastercard Volunteers, including presentations and webinars, engaging videos and educational handouts to get small business owners and individuals set up for financial literacy.
  • Empowerment through partner organizations, including training community facilitators who will pass the knowledge on to their networks and collaborate on resources and thought leadership with some of the most inspirational leaders in financial and racial equality.
  • Self-guided virtual resources through the Master Your Card website, including interactive financial education platforms, and customized toolkits for community educators, individuals and small business owners

Find out how Master Your Card can work with you, your city or organizations in your community by clicking here [link to Allies two-pager]. You can also keep up with all Master Your Card happenings by following us on Twitter, Facebook or LinkedIn.

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