The PrivateBank Partners with the Big Shoulders Fund to Deliver Financial Literacy to Chicago Students
CHICAGO, Nov. 28, 2012 /PRNewswire/ -- With studies pointing to a lack of financial literacy among U.S. children and adults, The PrivateBank today announced it is teaming with Money Savvy Generation and the Big Shoulders Fund to bring financial education to Chicago schools on Nov. 30, 2012.
The day will begin with a kick-off rally outside the United Center featuring Larry D. Richman, The PrivateBank President and Chief Executive Officer, Joshua Hale, Big Shoulders Fund President and Chief Executive Officer, and Susan Beacham, Chief Executive Officer of Money Savvy Generation. From there, more than 300 volunteers from The PrivateBank will teach Money Savvy Generation's award-winning financial education curriculum to upwards of 3,500 students in 19 Chicago schools.
Studies show the profound need for improved financial literacy. One in 12 U.S. households is unbanked and a quarter of all households have used an alternative financial service such as payday lending in the last year, according to the FDIC. The need extends to our children as well. The average score of high school students taking a basic financial literacy test is 69 percent, according to the U.S. Department of Treasury and Department of Education, which jointly administered the test to some 80,000 high school students in 2012.
"There is an opportunity for us, as a bank, to reach into these communities and to provide education on the importance of good personal finance and banking habits," said Larry Richman, President and Chief Executive Officer, The PrivateBank. "The best place to start is with children. This is an opportunity for us to use our expertise and give students the tools they need to be financially responsible for life."
The PrivateBank was proud to partner with the Big Shoulders Fund to bring this innovative program to the schools. The Big Shoulders Fund works to provide support to Catholic schools in the neediest areas of Chicago.
"Partnering with The PrivateBank and Money Savvy Generation is a tremendous opportunity for Big Shoulders Fund students," said Joshua Hale, President and Chief Executive Officer, Big Shoulders Fund. "It not only provides students with tools to help them make sound financial decisions, but also provides teachers with a nationally recognized financial literacy curriculum. This supports all of our collective efforts to set students up for future success. We enthusiastically welcome The PrivateBank volunteers into Big Shoulders Fund schools to launch this program."
Money Savvy Generation is a multi-platform financial education company that provides content that helps parents, teachers and others teach kids about money and begin the lifelong process of becoming financially literate, financially responsible and financially capable.
"If you don't teach kids the ABCs of personal finance, you will be left with D and E – debt and entitlement – later on," said Susan Beacham, Chief Executive Officer, Money Savvy Generation. "Teaching young children, before their behavior is set, that there is more to do with money than just spend – that they have choices for their money – helps children learn the critical life skill of delayed gratification. It's a privilege to partner with The PrivateBank and the Big Shoulders Fund to teach young students and future citizens financial habits which will help turn the next generation into a generation that will not only survive, but thrive."
Schools participating in the event include:
Immaculate Conception School, 8739 S. Exchange, Chicago
Our Lady of Grace, 2446 North Ridgeway Avenue, Chicago
Sacred Heart 96th, 2926 East 96th Street, Chicago
Santa Lucia School, 3017 S. Wells, Chicago
St. Agatha Catholic Academy, 3151 W. Douglas Boulevard, Chicago
St. Bruno, 4939 S. Harding Avenue, Chicago
St. Catherine - St. Lucy, 27 Washington Boulevard, Oak Park
St. Gabriel Catholic School, 4500 S. Wallace Street, Chicago
St. Gall School, 5515 S. Sawyer, Chicago
St. Helen Catholic School, 2347 W. Augusta Boulevard, Chicago
St. Helena of the Cross School, 10115 S. Parnell Avenue, Chicago
St. Malachy, 2252 W. Washington Boulevard, Chicago
St. Margaret Mary School, 7318 N. Oakley Avenue, Chicago
St. Mary of the Angels, 1810 N. Hermitage, Chicago
St. Matthias, 4910 N. Claremont, Chicago
St. Pascal, 6143 W. Irving Park Road, Chicago
St. Philip Neri, 2110 East 72nd Street, Chicago
St. Thomas the Apostle, 5467 S. Woodlawn Avenue, Chicago
St. Turibius, 4120 W. 57th Street, Chicago
About The PrivateBank
The PrivateBank is a part of PrivateBancorp, Inc., and delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. As of September 30, 2012, the Company had 35 offices in 10 states and $13.3 billion in assets. The Company's website is www.theprivatebank.com.
About Big Shoulders Fund
Big Shoulders Fund was founded in 1986 by business leaders to provide assistance for the inner-city Catholic schools in Chicago. To date, Big Shoulders Fund has raised nearly $230 million, which has been used to help defray tuition and operating costs at 93 inner-city elementary and secondary schools, and to assist with capital and other program enhancements at these schools. 90 percent of students that graduate with Big Shoulders renewable scholarships enroll in college the following year, ahead of city, state and national averages.
The Fund is a private, 501(c) (3) non-profit entity that receives and distributes privately raised contributions to inner-city Catholic schools with demonstrated need. For more information, visit www.bigshouldersfund.org or call 312-751-8337.
About Money Savvy Generation
Money Savvy Generation is the leader in financial education for elementary school students. Their award-winning curricula and products are used globally in multiple languages by teachers, students, parents and others interested in financial literacy for youth. For more information, please visit the Money Savvy Generation web site at www.msgen.com.
SOURCE The PrivateBank
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