Birmingham, AL – The Birmingham City Council approved $1 million to continue a Woodfin administration financial literacy initiative that benefits students of Birmingham City Schools. BHM Financial Freedom Project will expand to 20 schools next month.
“We are focused on growing generational wealth in our community and ending the cycle of concentrated poverty located in pockets throughout our city. In order to accomplish that, we must invest in financial literacy for our youth,” Mayor Randall L. Woodfin said. “BHM Financial Freedom empowers our students by building a financial foundation for their financial well-being.”
BHM Financial Freedom Project features in-classroom lessons on financial psychology, account management, budgeting, credit, savings, investments, debt, taxes, and cryptocurrency. It also features financial empowerment fairs, monthly financial workshops and one-on-one financial consultations. Birmingham educators and parents also have opportunities for counseling and education through the program.
The pilot phase, which launched in October 2022 at six Birmingham schools, has already shown positive results, including:
- Achieved a double-digit increase for students in pre and post workshop results
- Ensured two high school seniors will attain a national certification as Certified Financial Education Instructors by 2023
- Engaged 375 faculty, staff, parents and caretakers in adult workshops
- Established a robust training for volunteers and partners for classroom training
- Facilitated the forgiveness of $456,000 in student loans through the Public Service Loan Forgiveness program workshop
- Delivered over 227 hours of in-person instruction
“Financial literacy is not just a skill, it’s a bridge,” said Isaac M. Cooper, CEO and Manager Partner of IMC Financial Consulting. “For students, it’s the path to informed decisions and dreams realized. For parents, it’s the foundation for security and a legacy built. And for faculty and staff, it’s the tool to guide the next generation while ensuring their own stability. In every stage of life, understanding money is understanding opportunity.”
The project, which began at Carver High, Jackson-Olin High, Hudson K-8, South Hampton K-8, Robinson Elementary and Sun Valley, will expand to the following schools:
- Huffman High
- Parker High
- Ramsay High
- Wenonah High
- Woodlawn High
- W. J. Christian Middle
- Jones Valley Middle
- Putnam Middle
- Malachi Wilkerson Middle
- Avondale Elementary
- Glen Iris Elementary
- Huffman Elementary
- Norwood Elementary
- Virtual Academy of Learning
For more information about BHM Financial Freedom Project or to review the annual report, go to www.imcffp.com.