Investing in a brighter future for young people in underserved communities
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.