WASHINGTON (7News) — April is Financial Literacy Month. This month, a local historically Black fraternity is teaming up with Wells Fargo Bank to bring financial literacy classes to Washington, D.C. school students.
The Omicron Eta Lambda chapter of Alpha Phi Alphafraternity developed their Alpha Finance Academy which aims to improve the financial health of young people across D.C.
This program has been going on since 2022. So far it is offered in 20 D.C. schools and has reached more than 300 students — and the students are assigned profiles.
“Concepts such as budgeting, comparison, shopping, evaluating needs, versus wants,” said Ben James Brown with Wells Fargo Financial Health. “And these profiles will detail their career, their income, some students will be married and have children.”
Throughout the course, they will have to make money decisions and make ends meet.
“Your groceries, your housing, and transportation. How are you going to pay for insurance? What’s the importance of insurance? And as they go through these things, and at the very end of the simulation, they either have money, or they don’t. And we talk about that and why it’s so important,” he added.
