The kasina Youth Foundation is a 501 (c)(3) tax-exempt non-profit organization dedicated to improving the financial literacy of the children of the kasina community. We define financial literacy as the capability to manage one's financial resources and the capacity to make informed decisions about money. Financially literate youth should have a basic understanding of earning, spending, saving, borrowing, investing, and the risks and rewards associated with each of these activities.
Currently, we support W!SE in its mission to provide educational support services nationwide, build financial literacy, foster business and social entrepreneurship, and prepare students for college and the global workplace.
We also support Operation HOPE, and its Banking On Our Future program, in its mission to elevate the dignity, hope, and economic self-sufficiency of people in low-wealth communities through financial literacy.
We are also actively evaluating other partners and welcome your ideas.
With national and personal debt out of control, it is increasingly important for young adults to understand the role that money plays in their lives. Most students have no exposure to the basic financial issues that will affect much of their adult lives. A few findings highlight the need:
- One-third of U.S. adults, or more than 77 million Americans, do not pay all of their bills on time (Source: 2012 Consumer Financial Literacy Survey, National Foundation for Credit Counseling)
- Less than 20 percent of teachers feel prepared to teach financial literacy, although 89% feel students should be taught financial literacy in school. (Source: National Study on Teacher's Background & Capacity to Teach Personal Finance, 2010 Council for Economic Education)
- Close to one third (31%) of those with low income are unbanked and 36% of those without a high school degree are unbanked. The unbanked are also disproportionately African American and Hispanic. As many as 28% of African Americans and 30% of Hispanics are unbanked. (Source: Americans' Financial Capability, 2010, Annamaria Lusardi, Dartmouth College and NBER)
- Young Americans nationally were more likely to be less financially capable than older Americans, and they were significantly more likely to engage in non-bank borrowing. (Source: FINRA Investor Education Foundation's 2010 State-by-State Financial Capability Survey)