JA MORE THAN MONEY™ EXPANDS GLOBALLY TO TEACH FINANCIAL SKILLS TO YOUNG CHILDREN
New York, NY. - HSBC Holdings plc and JA Worldwide® this week launched a $3.4 million, three-year, global program to teach basic financial skills to children. The global expansion of JA More than Money,(TM) one of JA Worldwide's most successful youth financial literacy programs, will initially involve HSBC employees in 15 countries. This strategic commitment is designed to build upon HSBC's commitment to financial education and its support for the JA Worldwide mission to inspire and prepare young people to succeed in a global economy.
Junior Achievement of New York (JANY) is one of two US-based JA affiliates chosen to participate in this exciting global financial literacy educational initiative. Beginning in the 2008 - 2009 academic year, JA More than Money(TM) will teach 3rd-5th grade students about earning, spending, sharing and saving money and about businesses they can start or jobs they can perform to earn money.
In 2007, an assessment by an independent evaluator showed conclusively that US-based students who had participated in the JA More than Money™ curriculum demonstrated significantly greater knowledge and retention of financial concepts compared to their non-participating peers.
According to a recent survey, about 70% of parents said their child has not had any formal training in money management, either in school or outside the home. Additionally, 76% said that schools should be required to teach money management skills. "HSBC's exclusive support of JA More than Money(TM) will allow JANY to address the fast growing needs of young people in New York City and Long Island at an age when financial education can make a substantial impact on behaviour in later life," said Doug Schallau, President of JANY.
This new program continues a 65-year collaboration between HSBC and JA in the United States. HSBC is the largest corporate provider of JA volunteers in the US, with 2,535 employees that presenting JA financial education programs to 45,000 students in the past school year. In New York City, HSBC volunteers have presented JA programs in the classroom and also mentored a group of Brooklyn Tech students to a first place finish in a business plan development competition this past spring. HSBC employees also provide financial support for JA of New York through their annual successful bowlathon, raising more than $100,000 in 2008.
"As the world faces further economic uncertainty, it is important that we equip our children with the financial literacy skills they need to make wise decisions in how they spend and save their money," said Simon Martin, head of Group Corporate Sustainability at HSBC. "HSBC is committed to improving financial literacy in the countries in which we operate for the benefit of both local communities and our shareholders."
With funding from HSBC, JA More than Money™ will be localized and implemented in 15 countries across five continents in the 2008 - 2009 academic year. The program is expected to roll out to many more countries in the following academic year. JA More than Money™ aims to reach over 100,000 children in its first three academic years.
HSBC and JA Worldwide
HSBC and JA Worldwide have a long-standing relationship. The two organisations have collaborated, for example, for 65 years in the United States and more than 25 years in the United Kingdom, where JA Worldwide operates as Young Enterprise. These links are due to be strengthened further in six regions of the world through the nomination of one of HSBC's most senior executives to each of JA Worldwide's Regional Operating Center boards.
About Junior Achievement of New York
Founded in 1929, Junior Achievement of New York, Inc. (JANY) is the New York affiliate of Junior Achievement Worldwide, the world's largest and fastest-growing organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network, JANY provides in-school and after-school programs for students in grades K-12. JANY's educational programs focus on three key content areas-The Three Pillars of Student Success: Financial literacy, entrepreneurship, and work readiness. Last academic year, JANY's in-school and after-school programs served nearly 93,085 students in the NYC and Long Island geographic area. Today, Junior Achievement Worldwide reaches approximately 8 million studnets globally. For more information, visit www.jany.org.
About HSBC-North America
HSBC North America Holdings Inc. is one of the top 10 financial services organizations in the United States with assets totalling $557 billion. HSBC - North America is the holding company for all of HSBC's U.S. and Canadian businesses. The company's businesses serve nearly 68 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking, and global banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands.
Globally, HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,354 billion at 31 December 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'The world's local bank'. For more information, visit www.hsbc.com.
For further information on JANY press, contact:
Jacqueline Dolly
Senior Director of Marketing & Communications
Junior Achievement of New York, Inc.
205 East 42 Street, Suite 203
New York, NY 10017
Phone: 212.907.0046
Fax: 212.949.5262
E-mail: communications@jany.org
