About Bank on Philadelphia
|City Controller Alan Butkovitz|
The Bank on Philadelphia program is a project of the City of Philadelphia, Office of the Controller. City Controller Alan Butkovitz is pleased to partner with dozens of local community and financial partners to help Philadelphian’s gain a better understanding of how money works in the world.
Our goal is to improve the financial health of our city. When Philadelphia residents know how to manage their finances responsibly, it saves everyone money and builds stronger communities by reducing bankruptcies, foreclosures and poverty levels.
Young adults who display higher financial literacy are less likely to exhibit high-risk financial behavior.
Low levels of financial literacy are widespread in the U.S population, but the problem is particularly severe among certain demographic groups that makeup large portions of Philadelphia’s population – women (52.7%), those with low educational attainment (76.1% high school diploma or less), African‐Americans (44.1%) and Hispanics (13.6%).
- 26.7% of Philadelphia residents live below the poverty line.
- 37% of Philadelphia residents under the age of 18 live below the poverty line.
(Source: U.S. Census Bureau, 2010-2014 American Community Survey 5-Year Estimates)
The following are a few facts about youth financial literacy:
- From a survey of high school students, 31% of male students report that their parents help them keep track of their finances while only 20% of female students reported.
- Less than two-thirds of millennial parents (18-34) report feeling confidant in explaining finances to their children.
- 32% of teens think their parents don’t spend enough time explaining money management skills to them.
- 84% of high school students said that their parents are their primary resource for financial information but 34% of parents do not discuss finances with their children.
- 22% of teens are considering attending community colleges to avoid the exorbitant costs of other colleges and universities.
- 48% of high school students think their parents will help cover college expenses while only 16% of parents are planning to help.
Why It Matters
The financial health of individuals in Philadelphia contributes to the city of Philadelphia’s financial health as a whole. When Philadelphia residents know how to manage their finances responsibly, it saves everyone money and builds stronger communities by reducing bankruptcies, foreclosures and poverty levels.
Bank on Philadelphia’s Financial Literacy Resource Center stands to leverage a wide array of community based organizations, banks, and credit unions to connect Philadelphians with the resources they need to educate themselves and their children about financial literacy. Our knowledge of how money works in the world. Being financially literate means having a basic understanding of financial terms, including:
- Balancing a checkbook
- Borrowing and loan concepts
- Creating and managing a budget
- Establishing and maintaining good credit
- Investing and growing money
- Opening a bank account and keeping it in good standing