New financial literacy app aims to close the racial wealth gap – WCCO

MINNEAPOLIS (WCCO) – A new program launched on Juneteenth takes a different approach to helping one of Minnesota’s biggest problems – the racial disparity gap. It is also helping young people to embark on financial success.

Tiarra Gordon, one of Starbucks’ newer baristas, is enjoying her first job and the paychecks that come with it… but it can get tricky.

“I’m a senior, so I have things I want to save for: college or if I want to buy a car,” she said. “But you’re also like, ‘I want these shoes, I really want them.’ You run into this dilemma.

This choice is at the center of an upcoming program called My Money, My Destiny. Starts with Financial services of the day, it will allow Twin Cities students to create their own bank and savings accounts.

The catalyst for the program was the death of George Floyd last year.

“It was: what can we do beyond just supporting BLM? As an impact organization, we knew we had to do a lot more, ”said Doug Heske, CEO of Newday Impact.

Several Twin Cities financial institutions are involved. It will be an app and a program aimed at reaching an often underserved population. The program is service-oriented, in particular, students of color in Minnesota.

Delores Henderson has 50 years of experience as an educator and is the executive director of the program.

“We’re talking about closing the achievement gap, and in order to do that, they have to have opportunities,” she said, “talking about financial literacy and how important it is to them, and building a to come up “.

Speaking of the future, Gordon is considering becoming a doctor and is interested in the program to achieve his goals.

“I want to invest, own property and own property to rent to people as well,” she said.

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