The 12-Month Pilot Program Will Provide Financial Education, Counseling Services, and Seed Capital to Kickstart the Investment Process
Tzedek DC and Stackwell are pleased to announce the launch of the DC Young Adult Financial Empowerment Program, designed to promote greater financial wellness and inclusion for residents of DC. This groundbreaking 12-month pilot program will provide financial education workshops aimed at the specific needs of young adults—like budgeting, managing debt, understanding a paycheck, building credit, and investing—and will provide each eligible participant with $100 in grant funding to start their investment journeys on the Stackwell investment platform.
This pilot program for young adults is open to all DC residents over 18 years old, with a specific focus on residents of Wards 7 and 8, as well as University of the District of Columbia students who are DC, Maryland, or Virginia residents. The program will provide up to 100 participants with a series of financial education workshops broken into 8-week cohorts that are offered four separate times over the course of the next year. Along with a meal at each session, the program will also offer participants access to individualized, free financial counseling sessions and will help program participants establish tailored financial plans and achievable goals.
Tzedek DC and Stackwell are joined in this program by partners that include Industrial Bank, DC’s oldest Black-owned bank, which will host and co-teach a session, and the nonprofit Building Bridges Across the River, which will provide classroom space at its Skyland Workforce Development Center to house the workshops in Southeast DC.
Tzedek DC’s Community Outreach Coordinator, Stephen Jefferson, who grew up in Ward 7 and graduated from H.D. Woodson High School when financial literacy was still an integral part of DC’s public school curriculum, said, “This program is so important. It addresses issues we are hearing about every day in the community from young people and their families. We’re excited to work with these terrific partners and build on our past work in this area for the DC community.”
Forty-eight percent of DC’s population identifies as Black/African American or multi-race. Meanwhile, due to the continuing effects of structural racism, White DC households have a net worth that is 8,100 percent higher than Black DC households. The racial wealth gap directly impacts and exacerbates numerous other racial gaps, including health equity, affordable housing, job opportunities, access to justice, and access to quality education.
In 2017, DC received an “F” on the Champlain College Center for Financial Literacy national report card, which analyzes each state’s efforts to advance financial literacy for high school students. Tzedek DC, Stackwell, and their partners are actively engaging with DC community members to remedy this shortcoming by prioritizing financial access and inclusion for young Black adults in DC.
“The racial wealth gap is the social justice issue of our time,” said Trevor Rozier-Byrd, Founder and CEO at Stackwell. “We are excited to work with the partner organizations in this pilot to make a positive impact on the financial well-being of young Black adults in DC. This pilot program will equip participants with the knowledge and skills necessary to navigate their financial futures, achieve financial stability, and drive impact across key social issues for themselves, their families, and community for generations to come.”
For more information about the DC Young Adult Financial Empowerment Program or to register to participate, please visit the DC Young Adult Financial Empowerment Program registration page.
About Tzedek DC
Tzedek DC’s name is drawn from the ancient Jewish teaching “Tzedek, tzedek tirdof,” or “Justice, justice you shall pursue.” Launched in 2017 by founder and current Director Ariel Levinson-Waldman as a nonprofit public interest center headquartered at the UDC David A. Clarke School of Law, Tzedek DC also has offices in Ward 8. Tzedek DC’s mission is to safeguard the legal rights and financial health of DC residents with lower incomes facing the often-devastating consequences of debt collection and credit-related obstacles. Tzedek DC seeks to serve and empower our DC community client base, comprised of 90% Black residents, 60% women, and 25% disabled DC community members. Our approach combines (i) free direct legal and financial counseling services, (ii) working in coalition to make systemic change, and (iii) providing multi-lingual community education. Since 2017, Tzedek DC has served over 3,000 DC client households in legal and financial counseling matters and catalyzed systemic reforms benefiting hundreds of thousands of DC residents.
About Stackwell
Stackwell Capital, Inc., is a leading fintech company that has created a digital investment platform for the Black community. With a mission to eliminate the racial wealth gap in America, Stackwell provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell has developed a unique ecosystem of strategic partners in financial services, higher education, professional sports, and created an ever-growing NIL student-athlete ambassador program. Stackwell was a member of the 2022 Financial Solutions Lab and MassChallenge U.S. Early-Stage accelerator programs. For more information, visit stackwellcapital.com.
Media Contacts
Tzedek DC
Caitlyn Hickman
ch@tzedekdc.org
Stackwell Capital, Inc.
media@stackwellcapital.com