Lack of Financial Literacy In Schools

One of the biggest life skills that students lack after graduating from high school is an adequate understanding of how money works. 18 year old young adults don't know how to pay their taxes, how loans and investments work, or how to properly manage their income. All of these burdens are on top of the fact that most secondary school graduates are instantly thrown into a 4 year college or university where they are to commit to a loan in which they are obligated to pay a few months after completion of the degree.

This is a huge recipe for disaster. There are some courses available in high school that teach students about financial literacy, but not all schools offer such courses and they are less available to schools with less resources. This lack of opportunity for certain students also contributes to inequity in communities of colour since those communities are typically under-funded. And this is partially what continues the income inequities in the black community.

Inequalities around financial literacy in the black community is why we chose to create a calculator. The reality is, many coloured students lack the financial literacy skills necessary to become successful young adults. Our calculator and this website was designed to help students learn more about investing and money in general. We hope that our project can contribute to lowering the financial literacy gap in society and inspire others to learn more about the importance of managing their money.