While the subjects ubiquitously taught in U.S. middle schools are typically math, science, history, and English, many have pointed out that there's a crucial missing category that young people really need to be aware of as they move toward adulthood: finance.
Many kids grow up either learning about finances by watching how their parents handle money, or in a void where no conversation about the topic ever comes up at all.
This is especially typical in low-income households, where families are often too focused on day-to-day survival to consider how to prepare their children for their own financial futures.
However, one musician wants to use her fame as a platform to give those kids the financial smarts that they need to better navigate the world as adults.
Her Grandma Helped Start The Icy Baby Foundation
Grammy-nominated rapper Saweetie wants to help people get a better grasp on financial literacy at an early age, which is why she's launching a brand new financial literacy course for kids between the ages of 7 and 17.
Those who take part in the course will receive a funded debit card, as well as educational resources on everything from saving and budgeting to general financial planning.
“I want to continue using my foundation and resources to financially empower young children and students, especially in Black and Brown communities,” Saweetie said of the initiative.
“The long-term goal for the Icy Baby Foundation is to increase financial literacy amongst kids and propel them to brighter futures,” she added.
Saweetie launched the nonprofit Icy Baby Foundation in 2021 with the help of her grandmother, Roxanne Glass. Her first goal is to make financial literacy resources available to kids to give them the building blocks needed to manage money well.
“The reason why I’m so sensitive to that is because I need help my damn self,” she said in a May 2022 interview with Glamour. “Just putting money in the savings account is not enough – especially not enough to create generational wealth for you, your family or your kids. It’s important that we educate these young kids so that it’s something that’s instilled into their minds, so it’s not something that they’re trying to figure out as an adult.”
Saweetie has also done guest lectures at her alma mater, the University of Southern California, for courses in Venture Feasibility and Venture Initiation.
The Racial Wealth Gap is Getting Worse
The average Black or Latino household earns about half as much as the average White household and owns only about 15 to 20 percent as much net wealth, the Federal Reserve reports.
This is an example of the racial wealth gap, and a closer look shows even more disturbing numbers. White households held 86.8 percent of overall wealth in the country according to the 2019 survey of consumer finances -- and the gap continues to grow.
Those involved in conversations around the racial wealth gap have often pointed out that Black financial education lags behind white -- only 3.9% of low-income students are required to take a personal finance class to graduate from high school.
However, Saweetie's popularity among Gen Z fans could help to change that. With 12.9 million followers on Instagram, she already has a massive audience that loves what she does -- making her the perfect advocate for information that could significantly help young people of color.
