Centier Bank recently partnered with the John W. Anderson Boys and Girls Club of Gary Indiana to launch a new endeavor aimed at breaking the cycle of generational poverty for local youth.
The JWA Incentive Bank launched in late summer, is a financial literacy program from Centier Bank, and will introduce members to the concepts of banking, personal finance, accounts, saving, investment standards, income, careers, entrepreneurship, credit, debt, loans, purchasing a home, risk management, and insurance.
Members of the club are allowed to earn “club bucks” for demonstrating excellent behavior, class participation, acts of service, completion of a program, etc., and can then visit the IBank and deposit their money into a “savings account.” As members’ incentive dollars grow, they can withdraw money to purchase items from concessions, the club store, and even for special events.
Yolanda Davis, Community Reinvestment Act Officer at Centier Bank said Centier Bank is proud to be a part of this endeavor and is providing financial literacy, bank tours, and pre-professional development training to BGC members.
“FDIC statistics tell us that the cycle of generational poverty and the prevalence of unbanked households in low-income areas can perpetuate financial hardship for generations,” Davis explained. “By providing financial education and literacy to our youth, we are handing them the keys to unlock a poverty-free future.”
Ken Barry, Club Director of the JWA Boys and Girls Club of Gary, said research shows that poverty-stricken individuals may benefit the most from financial literacy as their economic standing makes them less likely to recover from an economic setback without adequate financial knowledge. The JWA Boys and Girls Club’s partnership with Centier to launch the IBank is the catalyst for helping kids break the cycle of generational poverty in their families.
“This not only demonstrates Centier Bank’s authentic care for the community, it shows that they’re true change makers,” Barry said. “The Incentive Bank is an ongoing financial literacy training designed to equip members with the knowledge, experience, skills, and practice to understand money and how to build generational wealth.
Along with a Money Matters Curriculum and resources, BGC members aged 12-18 can apply for the position of JWA Incentive Bank Teller. After being trained by our banking partner, these members will help their peers with daily Incentive Bank Transactions. Tellers that excel will take on leadership roles and serve as Incentive bank managers.
For more information about the John W. Anderson Boys and Girls Club of Gary, go to https://www.bgcgreaternwi.org/gary/. For more information about Centier Bank, go to centier.com.
