Genworth Foundation Announces Multi-Year Commitment to Financial Literacy to Benefit Virginia High Schools
RICHMOND, VA (November 8, 2010) /PRNewswire/ — The Genworth Foundation announced today a three-year commitment to strengthen financial education in more than 300 high schools across the Commonwealth of Virginia. The announcement, made at Henrico County’s Hermitage High School, included Lieutenant Governor William “Bill” Bolling and Secretary of Education Gerard Robinson.
High school seniors scored just 48% on a recent national financial literacy test conducted by the Jump$tart Coalition—testing students’ knowledge on credit, saving, insurance and retirement. Genworth’s initiative, My Money, My FutureSM, helps address this gap with the introduction of a lifestyle-based, online financial literacy platform—offered through EverFi, Inc.—as part of a program to provide Virginia high school teachers with an innovative economic and personal finance learning tool. Washington D.C.-based EverFi has designed a six-hour online course that is being introduced at Hermitage High School and more than 100 other high schools statewide for the 2010-2011 school year.
“Financially literate children are more likely to become financially literate adults,” said Leon E. Roday, chairman of the Genworth Foundation board of directors. “We’re pleased to support the expansion of technology within the classroom to enhance financial education. It is vital that we help our next generation of citizens join the global economy knowing the fundamentals of finance.”
In implementing My Money, My FutureSM, Genworth will also work with the State Department of Education, local school districts and other nonprofits, including the Virginia Council on Economic Education, to provide teacher training and professional development at no cost to teachers or schools. Currently, 25 Virginia school districts, including more than 10,000 students, are scheduled to use the course this school year—including Virginia Beach, Richmond, Henrico, Chesterfield, Hanover, Fairfax Lynchburg, Norfolk, Charlottesville city and others—with expansion opportunities to all state school districts and more than 30,000 Virginia students anticipated in future years.
High schools in the Commonwealth will now be part of a nationwide network of more than 3,000 schools that have incorporated the EverFi platform into their curriculum. The EverFi program aligns with Virginia state standards and uses the latest in new media technologies—3D gaming, social networking, online animation video and messaging tools—to make complex financial concepts compelling and relevant for today’s digital generation. The program requires minimal teacher training and limited school-based resources to implement.
Lieutenant Governor Bill Bolling said, “I applaud Genworth’s leadership in making this important program possible. If we are going to remain an economically competitive nation, it is imperative for young people to understand how the economy works and how to achieve financial security in their own lives. This program will help us accomplish both of these goals, and it shows how the public and private sectors can work together to improve the educational opportunities we provide to our children.”
Added Virginia’s Secretary of Education Gerard Robinson, “By investing in hands-on, innovative technology in the classroom, Genworth has taken a leadership role in helping establish Virginia as a model for financial education.”
“Financial literacy empowers people to make informed and responsible choices and is a building block for a secure financial future,” said Michael D. Fraizer, chairman and chief executive officer, Genworth Financial. “By adding private-sector expertise, resources, and funds to the work being done by non-profit organizations and community groups that specialize in financial education, we can significantly raise the quantity and quality of financial education in our schools.”
About the Genworth Foundation
Established in 2005, the Genworth Foundation is the charitable giving arm of Genworth Financial. The Foundation is committed to helping build strong communities around the world. Each year, the Foundation makes direct investments in the community through charitable contributions and matching gifts. For more about Genworth in the community, visit genworth.com/community.
About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the “Investors” section of Genworth.com.
Everfi Inc., based in Washington, D.C., provides the leading education media platform to teach students the core concepts of financial literacy, student loan management and other key life skills. Through its proprietary technology platform, the company is powering a national movement that enables foundations, corporations, school districts and universities in 48 states to launch community-based programs in a variety of off-curriculum subjects. EverFi’s award-winning platform is designed to provide an exciting and engaging experience for students and features the latest technology, including rich media, high-definition video, diagrams and avatars. Learn more at www.everfi.com.