While the subjects taught everywhere in middle schools in the US are usually math, science, history and English, many have pointed out that there is one important category that young people really need to be aware of as they move into adulthood: finances.
Many children grow up either learning about finances by watching their parents handle money, or in a vacuum where no conversation about the topic occurs at all.
This is especially true in low-income households, where families are often too focused on day-to-day survival to think about how to prepare their children for their financial future.
However, one musician wants to use his fame as a platform to give these kids the financial intelligence they need to better navigate the world as adults.
Her grandmother helped start The Icy Baby Foundation
Grammy-nominated rapper Saweetie wants to help people better understand financial literacy at an early age, which is why she’s launching a brand new financial literacy course for 7- to 17-year-olds.
Participants in the course will receive a savings debit card as well as educational resources on everything from savings and budgeting to general financial planning.
“I want to continue to use my foundation and resources to financially empower young children and students, especially in black and brown communities,” Savity said of the initiative.
“Icy Baby Foundation’s long-term goal is to increase children’s financial literacy and propel them toward a brighter future,” he added.
Savity founded the non-profit Icy Baby Foundation in 2021 with the help of her grandmother, Roxanne Glass. Her first goal is to make financial literacy resources available to kids to give them the building blocks they need to manage money well.
“The reason I’m so sensitive about it is because I need help with my damn self,” she told Glamor in May 2022. “Just putting money in a savings account is not enough, especially not enough to create generational wealth, for you, your family or your children. It’s important that we educate these young kids so it’s something that’s ingrained in their minds, so it’s not something they’re trying to figure out as adults.”
Savity has also guest lectured at her alma mater, the University of Southern California, for the Venture Feasibility and Venture Initiation courses.
The racial wealth gap is getting worse
The average black or Latino household earns about half of the average white household and has only about 15 to 20 percent of the net wealth, according to the Federal Reserve.
This is an example of a racial wealth breakdown, and a closer look reveals more disturbing numbers. White households held 86.8 percent of the nation’s total wealth, according to the 2019 Survey of Consumer Finances, and that gap continues to widen.
Those involved in conversations about the racial wealth gap often note that blacks’ financial education lags behind that of whites; only 3.9% of low-income students are required to take a personal finance course to graduate from high school.
However, Saweetie’s popularity among Gen Z fans could help change that. With 12.9 million followers on Instagram, she already has a huge audience that loves what she does, making her the perfect advocate for information that can significantly help young people of color.