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The Empty Pockets Initiative

Goal: The Empty Pockets Initiative is a public awareness program aimed to help communities understand the importance of financial literacy and gain a basic understanding of finance, including the value of saving, investing, and similar topics.

 

While reports may show that the nation as a whole is recovering from the recent economic downturn, remaining financial difficulties for a large number of citizens continue to be a strain. For many Philadelphia residents, the development of financial literacy and practice of smart money management are unable to occur, due to various factors that limit their knowledge of banking and finance.

 

This could partly be attributed not only to the lack of instruction provided by the education system, but also to the large majority who have no experience with banks. According to a 2009 FDIC National Survey of Under & Unbanked Households, Philadelphia ranked in 9th place for the Top 10 Largest Cities, with 14.9% of the city going unbanked, while 23.5% went under-banked (2009). Two staggeringly similar statistics suggest a correlation between the 42.3% of household incomes that make below $30,000 and the 49.6% of the city's population who are African American, Hispanic, or American Indian/Native Alaskan - with both figures reporting a significant risk of being unbanked or under banked (FDIC, 2009).

 

Considering the correlation effect of education on income, 19.1% of residents did not have a high school degree and were at risk of belonging to one of these categories (FDIC, 2009). These statistics help depict the disadvantages of Philadelphia residents who lack the knowledge and skills of saving, building credit, and being financially profitable, as well as the invaluable benefits of being financially literate.

 

The Empty Pockets Initiative is a public awareness program aimed to help communities understand the importance of financial literacy and gain a basic understanding of finance, including the value of saving, investing, and similar topics. We are able to spread this knowledge to the community through different public awareness events, which range from 5K Walks to finance lessons and professional panels.

 

While Change 4a Dollar hopes to broaden its range and educate the whole city, the Empty Pockets Initiative is just the first step in the process. Our goal is for people of all ages to understand how vital it is in our current society to manage one's finances properly and invest in the futures of both their families and their communities

 

Our Programs and Initiatives
Change 4a Dollar Our mission is to provide grade-school youth the support to strengthen their life skills, together with the access to resources necessary to achieve optimal academic success and personal development.

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