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As Financial Literacy Month comes to a close, we at Till continue to believe financial education thrives when supported by strong communities. In this special Q&A, we sat down with Carrie Schwab-Pomerantz, one of America's foremost advocates for financial literacy, to explore how kids learn money skills best when families and communities work together.
When it comes to teaching kids about money, parents often feel they're navigating uncharted waters alone. But according to Schwab-Pomerantz, the most successful approach is actually a community effort—one where schools, youth organizations, family conversations, and financial tools like Till all work together to build confident, financially independent kids.
Your Personal Story
Q: Financial education as a community responsibility has been a central value for you personally, and throughout your career. What inspired this core belief, and how does it motivate your work?
A: I've been advocating for financial literacy my whole career, and the longer I'm involved, the more convinced I become of its critical importance. What really inspired me was seeing how financial knowledge—or the lack of it—impacts people's opportunities and quality of life.
Did you know that kids with savings accounts in their name are six times more likely to attend college? When young people have access to early financial education, they're more likely to achieve their dreams, build wealth, and create lasting financial security.
This realization drove my work with Boys & Girls Clubs of America. Through the Money Matters program, we've reached over a million teens in communities across the nation. I've also advocated strongly for integrating financial education into our school systems, ensuring that every child receives foundational knowledge, regardless of their background.
What continues to motivate me is seeing how a holistic community approach to financial education becomes an equalizing force. Financial literacy isn't a cure-all, but it is an essential key to unlocking doors to opportunity and financial security for families.
Financial Literacy as a Community Effort
Q: Many parents today are overwhelmed with responsibilities, and financial education often becomes another burden they carry alone. How have you seen community organizations effectively share this responsibility and support families in this journey?
A: Financial education is truly too big for parents to handle alone, especially when many didn't receive it themselves. By distributing responsibility across the community, we not only take pressure off parents, we create more pathways for kids, regardless of their starting point.
In my work, I've seen bank employees volunteer in classrooms, libraries host family financial literacy nights, and through the Money Matters program at Boys & Girls Club of America, I've watched young people master skills like budgeting, saving, and goal-setting. But what I find most encouraging is the growing momentum of financial education in our schools, with 35 states now requiring personal finance courses for graduation. Notably, 12 of these 35 requirements have been added since 2022.
When financial skills are practiced within a community context—whether in schools with standardized curriculum or programs like Boys & Girls Club of America—they amplify families’ efforts and fill critical knowledge gaps at home. With this kind of support, parents no longer shoulder the responsibility alone, they're part of an ecosystem helping children develop the skills they need for lifelong financial security.
Bringing Financial Literacy Home
Q: While community support is crucial, parents are still a child's first financial influencers. How can today's parents have more meaningful money conversations at home?
A: As a parent myself, I know how important it is to talk openly and honestly with our kids about finances. However, today's parents face a unique challenge: teaching money concepts in a world that's dramatically different from the one they grew up in.
Many financial rites of passage have changed—you don't need to visit a physical branch to open a bank account and the tap of a phone can make a purchase from anywhere.
However, I've found that this shift actually presents new opportunities to have money discussions in context, right when financial decisions are being made. And this is where family banking tools like Till really shine—they make the abstract concept of money tangible for kids and help parents use everyday financial decisions as natural teaching moments.
Here’s what I recommend for parents at different stages: Start with a regular allowance in elementary school and use it to talk about spending, saving, and giving. Involve your kids in purchasing decisions by comparing options and discussing budgets. When kids reach middle school, a debit card can help them practice making smart spending and saving decisions independently. As teens enter high school, start introducing more advanced topics like how to build credit, saving up for college, or the fundamentals of investing.
While these milestones may look different than what we experienced growing up, they create the same foundational understanding that will set kids up for success in the long run.
Meeting Kids Where They Are
Q: For a lot of kids, financial literacy is kind of like a vitamin: good for their future but with benefits too distant and abstract to generate much excitement. How do you think we can get kids more actively involved and motivated to build money skills?
A: The community aspect we discussed earlier creates the foundation, but integrating financial literacy into kids' and passions is what generates real motivation. For adults, this kind of “just-in-time" financial education connects learning with financial decisions like buying their first home, changing jobs, or planning for retirement.
For kids though, this could be saving up for new sports equipment, managing their first part-time job earnings, or planning for a special experience, like a school trip. In this context, concepts like budgeting and saving become immediately relevant and more personal.
What makes this approach so powerful is that it shifts the perspective from "I should learn this because it's good for me" to "I want to learn this because it helps me achieve my goals." When financial education connects to things kids care about, they're naturally more motivated and the lessons become more memorable.
Raising More Confident Kids
Q: Many parents are looking for the right balance between oversight and independence as their children develop. What advice do you have for parents raising young children and teens?
A: The journey toward financial independence is exactly that—a journey, not a single moment. It's about gradually transferring responsibility, while providing appropriate guidance along the way. And remember, mistakes are part of the learning process! In my experience, missteps can become valuable teaching opportunities when approached with patience and without judgment. The goal isn't perfect financial decisions at every stage, but rather building the skills, knowledge, and judgment that lead to financial capability.
A Word from Till: Financial education happens year-round, not just during Financial Literacy Month. We're grateful to the community of parents, educators, youth organizations, and advocates like Carrie Schwab-Pomerantz, who are working alongside us to build financial confidence in the next generation.
