June 21, 2024
Wells Fargo, 100 Black Men Of America To Empower Youth Investment Through Tech Innovation With $600K Grant
Wells Fargo donates $600,000 in grant funding to expand the Junior Investment Club in partnership with 100 Black Men of America.
100 Black Men of America and Wells Fargo continue to expand on their relationship to positively impact the lives of children by teaching them ways to invest and providing them with the tools to be successful at it.
For more than 35 years, the organization, known as the largest volunteer network of Black men with a focus on mentoring minority youth, has been on a journey to increase the path toward economic advancement for young people by equipping them with financial wisdom and knowledge from an early age. Today, that sentiment is the same with the announcement of its decision to expand the Junior Investment Club.
By using a curriculum-based simulation game, the program teaches young people the key tools to investing; and it will now expand across 30 markets in the U.S. thanks to a $600,000 grant from the Wells Fargo Foundation.
“100 Black Men of America is grateful to Wells Fargo for the tremendous impact the Junior Investment Club is having on our mentees by providing early exposure to investment practices that provide additional pathways to economic opportunity,” said Chairman Milton H. Jones in an official statement. “The decision by Wells Fargo to invest in the expansion of this program is a demonstration of their belief in our shared mission and ultimately to providing financial education resources to youth that will positively impact their futures.”
As the Junior Investment Club is in its fifth year, the organization is using technology to help teach young people how to invest. Through the SIFMA Foundation Stock Market Game, program participants are given a virtual sum of $100,000 to invest in stocks, bonds, and mutual funds through an investment simulation designed to teach them the value of capital markets and expanding their portfolios.
This year’s 14-week competition included 750 high school students who learned key investing principles from 36 mentors provided through area chapters of 100 Black Men of America.
“We look forward to expanding the Junior Investment Club to provide more youth with a solid foundation to achieve their future financial goals and grow generational wealth,” said Wells Fargo head of Philanthropy and Community Impact Darlene Goins.
News of the expansion and grant funding was revealed during the 38th Annual Conference of the 100 Black Men of America in Atlanta. Three student teams walked away as the winners of the 2024 Junior Investment Club Competition. The Long Beach, California chapter came in first place, followed by Madison, Wisconsin’s group, who came in second, with the Las Vegas, Nevada team placing third in the contest.
In addition to the announcement of the news to expand the Junior Investment Club, all 128 students across the top five finalist teams were surprised with $200 each.
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