Financial literacy can be a game changer for many members of underserved communities, which creates greater financial stressors and other challenges pertaining to managing money and finances.
These financial stressors can lead to lower life expectancy, mental health strain, and other profound effects on individuals and families.
“Financial literacy is a critical skill for young people when it comes to building and maintaining generational wealth,” Melissa J. Linn, CFP, SVP, Senior Wealth Planning Strategist of Comerica Wealth Management wrote in April 2023 Coemrica.com insights article. “By early adulthood, your child should have a foundational knowledge of personal finance.”
That is one reason why Comerica Bank participates in numerous financial literacy events all year long, and ramps up the community outreach particularly during April which is Financial Literacy Month. In 2023, Comerica reached over 100,000 individuals through financial education across the country.
This month, Comerica has worked with and partnered with numerous philanthropic agencies in Detroit, southeast Michigan, throughout the state and all across the markets the banks serves. A few examples include Junior Achievement, the Lift Foundation in Kalamazoo and The Big Institute’s “Surviving in the Real World.” Simulation.
Surviving in the Real World (SITRW) is a pop-up mobile micro-city, which is the first of its kind. SITRW presents a creative and innovative financial literacy simulation that can be taken to schools and youth organizations globally. The simulation provides a creative format that mirrors real-life experiences, helping young people learn and practice essential financial skills.
The simulation has been designed so well that many students have expressed an interest in participating again to change the outcome of their simulated lives. Surviving In The Real World, a creation of BIG Institutes founder and CEO Laketa Dumas, was created in 2012 and was first launched during Money Smart Week in April in association with schools in Detroit.
“Surviving in the Real World is an interactive financial literacy program designed to help students from low-income backgrounds or those who are unaware of the challenges they may face in the real world,” Dumas explains.
“The program aims to improve financial decision-making skills, build wealth, and empower students economically. Through hands-on activities, students can evaluate their financial readiness and determine if their choices have led them closer to financial success or poverty.”
Dumas further expands on how this came about as well as its impact.
“My “why” for creating the Surviving in The Real World Simulation and workshops is based on the various factors that are affecting the Black community,” says Dumas.
“I designed a financial literacy curriculum specifically catering to the mindset of Black youths, aiming to empower them to change their thinking and expand their understanding of wealth creation beyond conventional societal standards such as becoming a rapper, Instagram model, athlete, or actor. My purpose is to teach our youth how to become innovators and build generational wealth, not just for themselves but also for their children and grandchildren. It’s time to level the playing field for our youth.”
Comerica Bank and Dumas’s BIG Institute have partnered several times to present SITRW to youth across southeast Michigan from Detroit to Dearborn to Mt. Clemens. The partnership strives to connect resources to communities in need and bolsters the presentation through volunteers provided by Comerica.
Dumas continues, “The Comerica partnership has been a vital pillar for the BIG Institute in helping us fulfill our mission. BIG is transforming the lives of our youth by unveiling their “WHY” for existence through entrepreneurship and wealth creation.”
She notes that Comerica Bank stands out for its exceptional support of grassroots nonprofits making a positive impact in the community through financial contributions and volunteer work.
“Unlike most financial institutions, which only offer their own in-house financial programs, Comerica provides funding for community initiatives led by nonprofits. The BIG Institute is grateful to have individuals such as Kevin Watkins and Hassan Melham, who acknowledge the significance of our simulation in enabling young people to make wise financial decisions.
“Our collaboration with Comerica is positively influencing the lives of youths in Detroit by improving their financial trajectory.”
On April 4, Surviving in the Real World was presented at the Federal Reserve Bank of Chicago Detroit Branch to young female students who were Girl Scouts member attended Bunche and Chrysler Elementary schools.
Along with the SITRW simulation, Comerica also assisted Junior Achievement of Southeastern Michigan connect with Detroit students in an immersive financial education experience at JA Finance Park located at 577 Larned St. in Detroit.
According to Junior Achievement, students, from middle and high schools, experience personal financial futures first-hand that enables them to develop skills to navigate the complex economic environment and discover how decisions today can impact tomorrow.
JA’s ultimate goal is to arm a generation with the knowledge to budget, save and invest featuring passionate students equipped to thrive in tomorrow’s economy.
Comerica kicked off their financial education series of events during National Financial Education Month with a day-long session at JA Finance Park with students from Pulaski Middle School.
From pre-k to seniors, from students to small businesses, Comerica’s financial education is reaching hundreds of individuals in April though is partnerships with Abigayle Ministries, ACCESS, Barber Preparatory Academy, Big Institute, Cass Community Social Services, Compassion Pregnancy Center, Discovery Center of Macomb, Downtown Lansing Inc, Habitat For Humanity of Michigan, Junior Achievement of SE Michigan, Lift Foundation, Matrix Human Services, National Arab Orchestra, National Faith Homebuyers , Payne Pulliam School & Commerce Inc., Total Life Prosperity Community Dev. Corp., and Your Own Uniqueness.
