FINANCIAL LITERACY COMMITTEE

Co-chairs: Al Duncan and Jay Bailey

The Economic Development and Financial Literacy Committee recognized the importance of business development in distressed areas. It will work on developing partnerships with the Chamber of Commerce and the Atlanta Development Authority. It will also look into assimilating financial literacy in schools. Incorporating a savings account mindset in children by teaching them to pay themselves first instead of spending whenever they get the chance is significant in developing the foundation for sound financial decisions to prevent forming negative habits in managing money. Already, it should be possible to modify existing word problems to reflect a money question. To this end, the committee will reach out to boards of education to implement a greater emphasis on financial literacy within the standard curriculum.
To address the community as a whole, the committee wishes to fundamentally change the mindset of residents in impoverished neighborhoods. Making them homeowners rather than renters, collaborating with banks and other organizations to implement individual development accounts and fostering business ownership will create incentives for an entrepreneurial attitude within economically struggling communities.