Chime and Invest America have launched a financial literacy initiative to support early wealth building. In addition to that, this series aims to encourage long-term investments within communities.
The “Compound Combine” series started in Jersey City, New Jersey. It uses sports-style games to introduce families to financial literacy. Also, it makes families aware of the importance of long-term investment. Families are encouraged to invest their money in such savings programs that can help them build their wealth. Interactive sessions for both parents and kids will educate them about the importance of compounding interest. In addition, the “Trump Account” is another aspect of this series, which helps kids save money.
“Under the leadership of President Trump and Secretary Bessent, nearly 6 million children have already enrolled in Trump Accounts, giving them a stake in that future. This progress is driven by strong public-private partnerships and community engagement, and the Treasury Department is grateful to Chime for helping more families participate in Trump Accounts at scale,” said Luke Pettit, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, who joined the event yesterday. “Financial literacy fuels the American Dream and helps secure our nation’s future. As we approach America’s 250th anniversary, ensuring the next generation can participate in our nation’s prosperity is more important than ever.”
Expanding Financial Literacy Through Community and Education
Participants also access learning materials created by the Council for Economic Education. This helps build their literacy regarding finance and investing. Furthermore, the program tackles the issue of very few children having investment accounts. Chime will make Compound Combine available across the country. The company works with the Council for Economic Education for classroom teaching. Hence, the goal is to provide financial literacy education to ten million people by 2027.
“Fewer than 5% of kids currently have investment accounts. That’s the gap Invest America set out to close, and that Trump Accounts were built to solve,” said Brad Gerstner, Founder of Invest America. “Chime brings something critical to this mission: the reach and trust of millions of everyday Americans, and that’s exactly who this program was built for. When a company puts its own money into its employees’ kids’ accounts and brings this message directly to communities, that’s the kind of partnership that drives real impact.”
“We appreciate the leadership of the Treasury Department and Invest America in driving financial literacy and the Trump Account program forward,” said Chris Britt, Co-founder and CEO of Chime and member of Invest America’s CEO Council. “We serve more than 10 million members, many of whom are new to investing. Our mission has always been about helping everyday people unlock their financial progress, and Trump Accounts gives us a powerful new way to deliver on that promise at scale. Chime has already helped families elect to open an estimated 130,000 Trump Accounts, and we’re just getting started.”
Explore Finance Tech News for the latest innovations in financial technologies and expert insights shaping the future of digital finance!
News Source: Businesswire.com
