YMCA launches financial literacy app for kids, in partnership with the NBA

YMCA of the USA will team up with the NBA and Goalsetter and its "Drafted" initiative to help introduce the free, family saving, financial literacy and smart spending app to families with a goal of signing up one million Black kids to save money. It's called the Goalsetter app. 

Kids who have savings accounts in their names are 6X more likely to go to college, and 4X more likely to own stocks as young adults. In response to the 2020 forecast that the median wealth of Black Americans will fall to zero by 2053, Goalsetter launched a movement to help 1 million Black kids open savings accounts. This partnership with the YMCA is part of Goalsetter's aim to reach every kid in America and dovetails with the Y's deep commitment to become an anti-racist, multicultural organization committed to advancing equity for all. As a key partner in the Drafted initiative, the Y will encourage Y families to participate in the project by downloading the app and drafting a kid they love into the league of financial literacy.

All YMCA families will also be given a unique sign-up link for the Goalsetter app for easy access. By using that unique sign-up link, each time a family downloads the app and funds a savings account, Goalsetter will make a $1 donation to their local Y to support the Y's community impact work. As part of the "Drafted" campaign, each Y will ask "Who's Got Next?" and challenge Ys across the country to draft kids in their local communities as well. Families who sign up their kids for Goalsetter will provide access to:

• An FDIC-insured savings account
• Weekly fun financial literacy quizzes, powered by memes and gifs
• A Cashola Card, the Goalsetter tween and teen debit card backed by Mastercard
• Features like "Learn to Earn" that lets kids earn money for every financial literacy quiz question they get right, and "Learn Before you Burn," which automatically freezes kids' debit cards if they don't take their quiz for the week.
• Gifting functionality, which enables families to gift money towards kids' goals via the Goalsetter app

In a press release, Kevin Washington, president and CEO of YMCA of the USA., said, "The Y is committed to helping all young people reach their full potential, and financial literacy is an important building block. We believe introducing Goalsetter to the 9 million kids the Y serves each year, and their families can have a significant impact on financial literacy in our country. Goalsetter can help Y families not only save money, but also make educated spending decisions."