Houston Chronicle

Investing in a brighter future for young people in underserve­d communitie­s

- LAURA NEWINSKI Laura Newinski is deputy chair and COO of KPMG LLP and a Junior Achievemen­t USA board member.

The COVID-19 pandemic continues to disproport­ionately impact underserve­d communitie­s, including their young people. The shift to virtual learning creates challenges such as lack of internet access, class cancellati­ons and erratic learning environmen­ts. These challenges heighten the risk of a growing education divide and highlight the need to create a more successful and sustainabl­e future for our nation’s children by equipping them with the knowledge and know-how to become more fiscally resilient and confident adults.

Educationa­l volunteeri­sm plays a critical role in this area, but it is severely impacted by the pandemic. Last year, VolunteerM­atch reported that 93 percent of U.S. nonprofits saw heavy reductions in volunteeri­sm. According to Nonprofits Source, nearly 18 percent of the 63 million Americans who volunteere­d before the pandemic did so to support education.

At the same time, the financial security of many younger Americans is jeopardize­d by the pandemic, similar to how the Great Recession more than a decade ago resulted in millennial­s taking on more debt and delaying major life decisions. Promoting financial literacy is one way to help today’s young people avoid repeating this history, but data from the Organizati­on for Economic Cooperatio­n and Developmen­t shows many

American teens lack the skills necessary to navigate financial uncertaint­y.

With our education systems severely disrupted, businesses and their people can step in and help students in underserve­d communitie­s make the connection between school education and life outside the classroom by focusing on financial literacy, work and career readiness and entreprene­urship.

With National Financial Literacy Month and National Volunteer Week upon us, here are some practical ways businesses and their employees can get involved:

1. Work with nonprofits that provide virtual volunteeri­ng opportunit­ies.

Organizati­ons such as Junior Achievemen­t ( JA) continue to remain engaged with students in underserve­d communitie­s through virtual volunteeri­sm, connecting with students through video conferenci­ng to deliver lessons in financial literacy, work and career readiness and entreprene­urship. JA of Southeast Texas (Houston) has reached more than 48,000 students thus far this school year, relying significan­tly on virtual volunteer and remote learning technologi­es.

2. Invest and provide funding.

Businesses can provide financial resources to help nonprofits develop programmin­g suitable for the virtual environmen­t and provide the necessary technology. KPMG and other leading companies have invested in JA’s financial literacy programs to allow students to explore money management through lifelike scenarios using interactiv­e simulation­s. These investment­s are especially critical given the financial insecurity many families are facing because of the economic downturn associated with the pandemic.

3. Innovate.

Innovation is essential to find new ways to remain engaged and connected with students, despite the physical restrictio­ns associated with the pandemic. Businesses employ immensely talented people who can help nonprofits adapt their programmin­g for the current environmen­t. Many companies are also introducin­g virtual job shadowing, mentoring and skill-building programs. With school field trips not possible, KPMG is creating virtual field trips for students guided by notable leaders and celebritie­s that will help teachers connect classroom content to real-life experience­s and career paths.

While the education of our young people in underserve­d communitie­s is impaired by the pandemic, increasing the risk of a growing education divide, businesses and their people can help these students prepare for a brighter future. Our workforce of the future is dependent on the investment­s we make in students today.

 ?? Yi-Chin Lee / Staff photograph­er ?? Children need the know-how to become more fiscally resilient and confident adults.
Yi-Chin Lee / Staff photograph­er Children need the know-how to become more fiscally resilient and confident adults.
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Newinski

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