Financial literacy is a crucial aspect of education that doesn’t receive as much attention as other themed months like Black History Month. According to a recent money quiz given to 1,000 undergraduates from top universities, students are struggling with basic financial concepts. Only 51% of the questions were answered correctly, highlighting a concerning trend of regression in financial education. Tanya Van Court, CEO of fintech platform Goalsetter, emphasizes the importance of financial education and the need for improvement across all social classes.
Van Court, who spoke at the ForbesBLK Summit in November 2023, has recently raised a $9.6 million Series A extension for Goalsetter. The company, valued at nearly $70 million, has attracted investors like billionaire Robert Smith and NBA superstars Chris Paul and Kevin Durant. Van Court stresses the significance of having a vision to attract prominent investors like Smith, emphasizing the transformative potential of a startup. Her own experiences with financial setbacks in her 20s due to a lack of financial education have shaped her commitment to promoting financial literacy.
Through initiatives like the 50-30-20 budgeting rule, Van Court is working to address the generational knowledge gap that plagues many families. She points out that lack of financial education has led to the loss of wealth by the third generation in 90% of well-off families. Passing on institutional knowledge about financial management is crucial for preserving wealth and ensuring financial stability across generations. Van Court’s mission is to empower individuals, especially Black women, with the tools and knowledge they need to make informed financial decisions.
Despite the challenges of financial education, Van Court remains optimistic about the future. By raising awareness about financial literacy and providing resources like the money quiz, she hopes to spark a conversation about the importance of financial education. As Financial Literacy Month draws to a close, it serves as a reminder of the ongoing need to improve financial literacy rates and equip individuals with the skills they need to navigate the complexities of personal finance. Take the quiz to test your financial knowledge and join the movement towards greater financial empowerment.
