BlackFem's Kids' Credit Bureau Program consists of three components: the school bank and student credit scores, the school currency, and the school store. The purpose of the Kids' Credit Bureau is to introduce students to financial concepts, to infuse financial concepts throughout the entire school, and to incentivize students to improve key metrics linked to overall student success. The Kids' Credit Bureau has three main components outlined below.
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School Bank and Student Credit Score
The school bank is where students receive their student credit score and monthly credit report. Each student's credit score is based on homework completion, attendance, and lateness/tardiness. Students, parents, teachers and administrators can check student credit scores on BlackFem's Kids' Credit Bureau website. This website allows students to see the affect future missed homework assignments, missed classes and tardiness will affect their credit score. In other words, student credit scores compel students to consider how their academic and behavioral actions affect their financial trajectories just as it would in the real world. BlackFem conducts the analysis and data science to create each student's credit score based on the data provided by the school.
School Store and Take-Home Salary
Each student will receive a take-home salary based on their student credit score. Students can use this fictitious currency to purchase items or experiences at the school store. If students do not earn the maximum number of points in a given cycle, they will be taxed (attendance tax, missing homework tax, lateness tax), which will reduce their take-home salary.
BlackFem provides two workshops per school per year. Our financial workshops teach in-depth, culturally responsive wealth and financial literacy concepts. The topics covered often coincide with concepts that students were exposed to via the Kids' Credit Bureau.
One Kids’ Credit Bureau Program Success Story
Before we piloted this program in an elementary school in East Harlem, Jeremiah (first grade) was habitually late. Soon after implementing this program, Jeremiah became determined to get perfect attendance so that his credit score could go up and he could go to the school store. Across Jeremiah’s school, we saw an increase in attendance by 47% and an increase in homework completion by 37%.