Boys & Girls Clubs' Financial Education Program Sponsored by Charles Schwab Foundation Passes Key Milestone in Reaching Teens

Monday, August 25, 2008 6:00 am PDT

Dateline:

SAN FRANCISCO

Public Company Information:

NASDAQ:
SCHW

SAN FRANCISCO--(BUSINESS WIRE)--Boys & Girls Clubs of America and Charles Schwab Foundation announced today that nearly 120,000 Club teens at almost 1,100 Boys & Girls Clubs across the U.S. have completed the Money Matters: Make It CountSM financial literacy program in the four years since the programs launch, far exceeding both organizations expectations. In addition, Charles Schwab Foundation has funded a cumulative total of $225,000 in scholarship awards to 111 Club teens who completed the program and demonstrated exceptional abilities in their newly acquired knowledge of personal finance.

The programs success stories include teens like Michaela, 17, who didnt know very much about money management before taking the Money Matters program at her Boys & Girls Club in Tucson, Arizona. She found that she enjoyed learning about personal finance so much that she chose to sign up for a second round of the program as a teen mentor to her peers. As an additional benefit, she has been able to help her family by providing practical advice about bill-paying, budgeting and saving.

Similarly, the Money Matters program at the Boys & Girls Club in Green Bay, Wisconsin, has put local youth on track for independence and financial well-being. For the past few years, the Club has incorporated the program into its work at the Lincoln Hills Correctional School for Boys, part of the Wisconsin Department of Corrections, providing the youth with skills they need to transition back into their communities.

Shayne Harkey, staff member at the Green Bay Club, said, "Ive had students call to thank me for what they learned in this program. One of my students went on to become the first person in his family to graduate from high school. After that, he took a full-time job and has opened a checking account with his wages. Now he lives on his own and credits Money Matters with his success.

Its critical to help todays youth gain the practical knowledge theyll need to negotiate the financial challenges awaiting them as adults, said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation. Its our belief that by teaching young people the basics of money management now, were setting the stage for a more financially healthy America in the years ahead.

Roxanne Spillett, president and CEO of BGCA, echoed Schwab-Pomerantz, saying, Money Matters truly helps us fulfill our mission to provide young people with not only a sense of community and belonging, but with the kinds of services and programs that will help them develop into well-rounded, confident, productive adults.

About Money Matters: Make it Count

Funded by Charles Schwab Foundation, Money Matters is designed for teens ages 13-18. The program consists of fun, interactive activities and exercises on topics such as using a checking account, managing debt, saving for college and learning the basics of investing. The program is available to all Boys & Girls Clubs that serve teens.

The programs components include:

  • A Teen Personal Finance Guide includes practical tips and activities to help teens learn important money skills. The guide also provides basic entrepreneurial information for teens interested in starting businesses.
  • A Facilitators Guide describes basic financial concepts that Club staff and volunteers can use to help teens understand the benefits of effective money management. Easy-to-implement small-group activities that are typically completed in less than an hour supplement and reinforce the information in the Teen Personal Finance Guide.
  • A Money Matters Web site an interactive, engaging tool that teen program participants can use to balance a checkbook, make budgeting and investment decisions, and learn about starting a business. The secure Web site also features a savings and financial aid calculator to help teens plan for college.
  • Money Matters Scholarships and Awards achievements of each participant are recognized with a certificate of completion, and scholarship and award winners are selected based on their performance. Older teens (16-18) are eligible for $2,000 scholarships from Charles Schwab Foundation, and younger teens (13-15) are eligible to receive awards such as U.S. savings bonds.
  • The Schwab Employee Volunteer Program provides Schwab professionals with opportunities to volunteer at Clubs and share their financial expertise with teenage Club members and their families. Employees are encouraged to participate through a variety of ongoing communications.

To learn more about the Money Matters program and to find out how to get involved with a Boys & Girls Club, visit www.bgca.org.

About Boys & Girls Clubs of America

For more than 100 years, Boys & Girls Clubs of America (www.bgca.org) has been changing and saving young lives, providing hope and opportunity for kids who need them most. Today, some 4,300 Clubs serve some 4.8 million young people through Club membership and community outreach. Known as The Positive Place for Kids, Boys & Girls Clubs can be found all across the country and on U.S. military bases throughout the world. Clubs provide young people 6-18 years old with guidance-oriented character development programs conducted by trained, professional staff. In communities large and small, Clubs positively impact lives and help young people reach their full potential as productive, caring citizens. Key Boys & Girls Club programs emphasize leadership development; education and career exploration; community service; financial literacy; health and life skills; the arts; sports, fitness and recreation; and family outreach. In a recent Harris Survey of Club alumni, 57 percent said the Club saved their life. National headquarters are located in Atlanta.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.3 million client brokerage accounts, 1.3 million corporate retirement plan participants, 367,000 banking accounts, and $1.4 trillion in client assets as of July 31, 2008. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.

Charles Schwab Foundation is a private, nonprofit organization funded by the Charles Schwab Corporation. Its mission is to give back to the community by supporting employee-selected causes and fostering financial literacy through funding, involvement and expertise. More information is available at www.aboutschwab.com/community. (0808-4834)

Contact:

Boys & Girls Clubs of America
Brian E. Hill, 404-487-5978
Director, Public Relations
bhill@bgca.org
or
Charles Schwab & Co., Inc.
Sarah Bulgatz, 415-636-5940
Director, Corporate Public Relations
sarah.bulgatz@schwab.com

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