01 November 2015

As Benjamin Franklin stated, "An investment in knowledge pays the best interest." Unfortunately, due to limited education and lack of financial literacy, many Philadelphians lack the tools they need to invest in a better future. Luckily for them, community partner Wells Fargo knows a thing or two about investments and interest.

In conjunction with The Salvation Army's GED Program, which is funded by the bank, Wells Fargo holds financial literacy classes to help students learn the basics of banking and finance. The course shares knowledge and products to help students start or restart their journey toward reaching their financial goals. Topics covered include everything from opening a checking account and credit cards to homeownership and student loans.

"Many people in the GED program didn't have a lot of experience with banking," said Leon Howard, Course Leader and Personal Banker at Wells Fargo. "We're more than happy to share our knowledge in hopes that it will help give them a fresh start to better their financial situation."

The relationship began in 2011 when Wells Fargo happily agreed to provide giveaways at an event benefitting the Salvation Army's STEM (Science, Tech, Engineering and Math) program. From that moment on, Wells Fargo began teaching children in The Salvation Army about finance before moving on to teaching students of the Soup's On! Project Culinary Job Placement and Training Program and eventually the GED program. Now, the GED program has seen more than 80 adults benefit from the classes and open accounts with Wells Fargo.

"We want to give people a second chance financially and help guide people toward a brighter future," said Howard. "It's important for Wells Fargo to serve the community, and our partnership with The Salvation Army has helped us do that."

The classes are funded through the Wells Fargo CityLift Program Neighborhood Stabilization Grant. The Salvation Army and Wells Fargo hope to increase neighborhood stabilization through educating those who have dropped out of school for a variety of reasons. There is no cost to enroll in the program, and The Salvation Army provides $10 per student toward the cost of a GED book and $80 per student toward the cost of the GED exam.

Thanks to Wells Fargo, The Salvation Army can continue to do the most good in the lives of those in need and help the under-educated pursue a promising future for themselves and their families.