Birmingham invests additional $1 million into financial education, wealth-building program
City officials said participating students reported stronger money skills as the program expands to every Birmingham City Schools campus.
The city of Birmingham announced Wednesday that it will invest an additional $1 million in its partnership with the IMC Financial Freedom Project.
Launched in 2022, the program provides K-12 students with "interactive, culturally relevant financial education" and connects Birmingham families, teachers and school staff with workshops, individualized financial consulting and long-term financial wellness resources.
“Financial freedom starts with knowledge, and we have a responsibility to make sure our young people have that knowledge before they enter adulthood,” Birmingham Mayor Randall Woodfin said. “This investment gives Birmingham students the tools to make informed financial decisions, build wealth and create opportunities for themselves and their families. When we invest in the financial future of our children, we invest in the future of Birmingham.”
Since its launch, the program has reportedly reached 3,797 students across Birmingham and facilitated $1.25 million in student loan forgiveness through the Public Service Loan Forgiveness program.
The program also recently launched an investment club partnership with Edward Jones, through which students will have the opportunity to "apply what they learn and develop practical investing skills."
According to city officials, 73 percent of participating high school students and 96 percent of participating middle school students reported increased confidence in their financial decision-making skills after participating in the program. All Birmingham City Schools will participate in the program this school year.
“Financial education is most powerful when it moves from the classroom into everyday life,” Isaac M. Cooper, founder of the IMC Financial Freedom Project and CEO of IMC Financial Consulting, said. “This investment allows us to go deeper—to help students understand money, help families strengthen their financial foundations and help educators become champions for financial wellness. We are building more than financial literacy; we are building a generation prepared to create, protect and transfer wealth.”
The Financial Freedom Project describes its mission as a "360-degree approach to financial wellness" serving students, families and educators. Through the program, parents, caregivers, faculty and staff can access free monthly workshops and confidential one-on-one financial consulting services.
City officials said the additional $1 million investment, made through the city’s Department of Youth Services, reinforces Birmingham’s "commitment to putting youth first, closing wealth gaps and creating pathways to economic mobility."
