CHICAGO, Nov. 13, 2013 /PRNewswire/ --With studies pointing to a lack of financial literacy among U.S. children and adults, The PrivateBank today held its second annual all-employee volunteer event to bring financial education into schools on November 8, 2013.
In Chicago, The PrivateBank partnered with the Big Shoulders Fund to bring the Money Savvy Generation program to students. More than 350 volunteers taught the financial education curriculum to upwards of 3,000 students in 18 schools. Similar events also took place in Atlanta, Detroit, Milwaukee and St. Louis, sending an additional 50 volunteers to classrooms.
"This event not only brings value to the community, but to our team as well," said Larry Richman, President and Chief Executive Officer, The PrivateBank, who participated in the event in Chicago. "There is an opportunity to reach into these neighborhoods and provide education on the importance of good personal finance and banking habits. The best place to start is with children. As a bank, we are able to use our expertise and give students the tools they need to be financially responsible for life."
Studies show the profound need for improved financial literacy. One in 12 U.S. households is unbanked and a quarter of all households have used an alternative financial service such as payday lending in the last year, according to the FDIC. The need extends to our children as well. The average score of high school students taking a basic financial literacy test is 69 percent, according to the U.S. Department of Treasury and Department of Education, which jointly administered the test to some 80,000 high school students in 2012.
About The PrivateBank
The PrivateBank is a part of PrivateBancorp, Inc., and delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. As of September 30, 2013, the company had 36 offices in 10 states and $13.9 billion in assets. The company's website is www.theprivatebank.com.
About Big Shoulders Fund
Big Shoulders Fund was founded in 1986 by business leaders to provide assistance for the inner-city Catholic schools in Chicago. To date, Big Shoulders Fund has raised nearly $230 million, which has been used to help defray tuition and operating costs at 93 inner-city elementary and secondary schools, and to assist with capital and other program enhancements at these schools. 90 percent of students that graduate with Big Shoulders renewable scholarships enroll in college the following year, ahead of city, state and national averages.
The Fund is a private, 501(c) (3) non-profit entity that receives and distributes privately raised contributions to inner-city Catholic schools with demonstrated need. For more information, visit www.bigshouldersfund.org or call 312-751-8337.
About Money Savvy Generation
Money Savvy Generation is the leader in financial education for elementary school students. Their award-winning curricula and products are used globally in multiple languages by teachers, students, parents and others interested in financial literacy for youth. For more information, please visit the Money Savvy Generation web site at www.msgen.com.
SOURCE The PrivateBank
