Alex Shi believes economics and finance shape considerable aspects of life - from personal financial decisions to understanding how society functions.
It’s why the junior at Providence Day co-founded the Economics Awareness Program, a nonprofit dedicated to promoting economic literacy and awareness among young teens and high school students nationwide. Alex, along with co-founder Eric Yule, a student at the University of Pennsylvania, offers an interactive online curriculum that includes guest speakers and webinars.
“I recognized the importance of being aware of how to utilize money and how money flows early in life,” Alex says. “Time is the one truly limited resource in your personal life, and taking advantage of that time to properly manage your finances, thanks to having knowledge, can be the key to accumulating wealth and gaining upward social and economic mobility.”
The Economics Awareness Program also provides students with self-paced modules, quizzes, and a final exam that leads to certification.
Several students from Providence Day are involved, he says, and his team meets every week to work on improving the program.
“It helps individuals make informed choices about their money, resources, and future,” he says.
Studies have shown a lack of financial responsibility among youth, according to the National Financial Educators Council.
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Only 23% of kids surveyed talk to their parents frequently about money;
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11.5% of 2014 college graduates have loans in default, and
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40.2% of those with low levels of financial literacy relied on parents, friends, and acquaintances as their most important source of financial knowledge.
Through the Economic Awareness Program, Alex says they are dedicated to “bridging the financial literacy gap by informing and educating others about essential financial and economic matters.” The program is built on the core principle that financial literacy is the foundation upon which economic empowerment, stability, and success are built, he says.
“For other students, learning economics and finance is essential because it empowers them to manage their money, understand the world better, and make decisions that affect both their personal lives and society as a whole,” Alex says.