|Junior Achievement of New York Awarded $380,000 Grant by AIG for Financial Literacy Programs|
AIG Grant to Junior Achievement – New York Encourages NYC and Long Island Students to be Generation Debt Free
NEW YORK, NEW YORK, October 1, 2007 – Junior Achievement of New York (JANY) today announced that it has been awarded a $380,000 three-year grant from American International Group, Inc. (AIG) to support the growth of JANY's financial literacy initiatives for New York City and Long Island high school students. These students, predominantly minority youth from low and moderate-income households, will learn how the ability to make wise financial decisions will positively impact their futures.
"Building on our proud tradition of supporting entrepreneurship and economic empowerment in our communities, AIG is thrilled to have JANY as a major partner in this effort," said Douglas Worman Senior Vice President and Zonal Executive, AIG Domestic Brokerage Group who serves on JANY's Board. "AIG's grant to JANY, which targets New York City and Long Island high school students, will teach responsible money management skills."
Studies have shown young people have an over-whelming need for financial education. National surveys reveal that kids are leaving high school without a basic understanding of issues relating to savings and credit card debt. Over the past decade, credit card debt among 18-24 year olds rose by 104 percent according to a report released by the nonprofit research organization Demos entitled "Generation Broke: The Growth of Debt Among Young Americans.” The Jump$tart Coalition for Personal Financial Literacy determined that the average student who graduates from high school lacks basic skills in the management of personal financial affairs. Many are unable to balance a checkbook and most simply have no insight into the basic survival principles involved with earning, spending, saving and investing.
“It's important that young people understand that debt limits freedom of choice and freedom of potential,” said Doug Schallau, JANY president. “Junior Achievement of New York is grateful for AIG's commitment to educating New York City and Long Island youth about personal financial management responsibility and its impact on the future success of themselves, their families and their communities.”
The AIG grant will support two JA programs targeting high school students: Junior Achievement Presents the NEFE High School Financial Planning Program and the JANY/Summer Youth Employment Program (SYEP) Financial Literacy Workshop over a three-year period. Junior Achievement gratefully acknowledges the National Endowment for Financial Education for its dedication to the development and implementation of Junior Achievement Presents: The NEFE High School Financial Planning Program. The JA/NEFE program and the SYEP Financial Workshops will encourage more than 26,000 NYC and Long Island students to explore the role that money plays in achieving personal goals throughout life. Students will develop planning, goal setting, and thoughtful decision-making skills that will empower them to protect themselves from the unexpected financial pitfalls that plague so many young adults.
About Junior Achievement of New York
Founded in 1929, Junior Achievement of New York, Inc. (JANY) is the New York affiliate of Junior Achievement Worldwide, the world's largest and fastest-growing organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network, JANY provides in-school and after-school programs for students in grades K-12. JANY offers educational programs that focus on three key content areas: entrepreneurship, work readiness, and financial literacy. Last academic year, JANY's in-school and after-school programs served nearly 100,000 students in the NYC and Long Island geographic area. Today, 140 individual area operations reach approximately four million students in the United States, with an additional 3.5 million students served by operations in 114 other countries worldwide. For more information, visit www.jany.org.