NEWARK, NJ — Two-time Super Bowl champion and three-time Pro Bowl New Orleans Saints safety Malcolm Jenkins, chairperson and founder of the Malcolm Jenkins Foundation, on Tuesday, Aug. 31, announced, in partnership with Newark Public Schools, a new financial literacy program that provides savings accounts for students across three high schools in Newark.
TMJF–FLP in the Newark Public Schools is a four-year commitment of as much as $40,000.
The implementation of the new program in collaboration with NPS brings the Malcolm Jenkins Foundation one step closer in its mission to empower youths and set them on the path to financial freedom. Utilizing the black-owned family banking and financial literacy platform Goalsetter, it will open savings accounts with initial deposits of $40 for the 250 incoming freshmen enrolled at the newest schools to have begun operations in the district: the Global Studies School, the Data Science and Information Technology School, and the Fashion & Design School.
In April, TMJF first announced its financial freedom initiative to help close the racial wealth gap by opening 1,000 savings accounts for students in the communities it serves. A study has shown that, by 2053, black households in the United States will have a median net worth of zero. Latino households are only 20 years behind. According to academic studies, youths with savings accounts in their names are six times more likely to go to college and four times more likely to own stocks when they are young adults than those without. NPS is the second education partner to join TMJF as it moves toward the goal of opening more student savings accounts across Philadelphia, Ohio, New Orleans and New Jersey.
The foundation chose to partner with the NPS because of its aligned emphasis on mentorship, career preparation, college and its commitment to putting students first. There is also a significant opportunity to make a measurable impact on the futures of youths, as the NPS is the largest school system in New Jersey.
“This is truly a groundbreaking moment, and we are grateful to Malcolm Jenkins, his mother and his foundation,” said Newark Public Schools Superintendent Roger Leon. “This is the right step toward moving financial literacy in the classroom to the next level.”
TMJF has included in its long-term commitment with the Newark Board of Education a build-out of its Digital Education Academy to help NPS students discover their passion and pathways through exposure to a wide variety of potential careers for both college-bound and non–college-bound students. The academy will offer a multitude of disciplines, including filmmaking, design, digital marketing, coding, advertising, music and fashion, through culturally relevant learning experiences.
“Growing up in New Jersey, I have a special place in my heart for this state and the city of Newark. I want to see our youth reach their full potential. Financial literacy is an important part of the Malcolm Jenkins Foundation’s initiatives, and we are proud to lay down roots here in Newark. I am grateful for the support of NPS Superintendent Leon and the Board of Education in our mission to close the racial wealth gap,” said Jenkins.
Since 2012, the foundation has worked in under-resourced communities to increase graduation rates, as well as college eligibility and enrollment through its Project REWARDS program in partnership with College Track. TMJF annually rewards students in pursuit of higher learning. More than $175,000 in scholarships have been awarded to date, providing Malcolm Jenkins Scholars with financial assistance to attend colleges and universities. In addition to the grants, TMJF has funded out-of-state college tours, career-exposure events, job-networking workshops and support for college freshmen with final-exam study baskets.
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