Innovative program launched during Financial Literacy Month a year ago welcomes new 2022 class of teen-agers, adults and small business owners this month
The non-profit Pathway Financial Education program welcomes its second-year 2022 class of students this month during national Financial Literacy Month and the one-year anniversary of its opening the first state-of-the-art Pathway Financial Educational Center in an underserved community.
More than 200 people, both the young and budding adult entrepreneurs in Kansas City, have already received free financial education on money management, taxes and accounting, managing debt and using credit cards, buying a home, learning the basics of saving and investing, and much more in the past year through the program.
The resource-driven training and education nonprofit’s headquarters and its first state-of-the-art educational center are located in the historic, yet underserved, 18th & Vine’s Kansas City neighborhood where American jazz found its sound and the Negro League Baseball Museum is erected. Substantial financial support for the center and program is provided by Creative Planning, BlackRock, Inc., JE Dunn and the Royals Charities in Kansas City, Missouri, the Opus Group in Minneapolis, Minnesota and Dimensional Fund Advisors in Austin, Texas.
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The program is the brainchild of registered investment advisor Peter Mallouk, the President and CEO of the Kansas City-based national independent wealth management firm Creative Planning.
“Pathway’s mission is to provide access to financial planning and resources to people in underserved communities, who may not otherwise have this opportunity,” said Mallouk. “Pathway teaches the skills everyone needs to achieve their goals, boost their businesses and make sound financial decisions in the future.”
Financial illiteracy in America afflicts a large percentage of the population, perpetuating poverty and hampering prosperity. A lack of understanding of financial services and the basics of personal finance often lead to recurring cycles of poor financial decision-making and social mobility barriers.
The Pathway Financial Educational program offers comprehensive financial education courses for teen-agers, adults and small business owners who want to take control of their financial lives. The curriculum features three pathways for teens, adults and small business owners that include a number of different classes taught by 20 accomplished instructors, guest speakers, coaches and panelists who hold degrees in law, accounting, financial planning and many other subjects. Participants accepted into the program receive comprehensive financial training and education at no cost to them.
Pathway prioritizes educating young people on the basics of financial planning. In 2021, Pathway welcomed its first cohort of high school students, who were able to participate in curriculum focused on empowering their financial independence. The classes detailed the importance of mindset, acumen and forming positive habits.
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“Everyone has a formative experience with money as a child, and those experiences impact how we view and manage money as an adult,” said Latasha Wilson, Executive Director of Pathway. “Once we establish the mindset, we move into the basic skills, or acumen, needed to build healthy financial habits. Then we move on to forming positive habits, which include things like finding a financial mentor.”
The success of the program’s initial three groups of students has created momentum as the organization begins its second year. This month, the second full class of small business owners began at the Kansas City center.
“You can’t overstate the value of being in the room together,” said Vince Clark, Vice President of Business Development and Chief Corporate Affairs Officer at Creative Planning. “Even when the sessions are over, half the business owners are still in the room talking about challenges and wins, sharing resources and more. It’s incredible to see!”
Clark, who helped co-found and get the program up and running, is eager to see Pathway continue to grow.
“We could not have asked for a better first year. Through Pathway, we are democratizing the knowledge of financial education to end the cycle of poverty and patterns of poor financial judgment. Watching the program literally transform people’s lives is what excites me most. I’m happy to be a part of it,” Clark said.
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