On Saturday, June 29, 2024, the State of California passed legislation requiring all high school students to complete at least one semester of personal finance as a graduation requirement. The legislation requires the course to be offered by the 2027-28 school year. In the meantime, though, Berkeley High School students are learning and sharing financial literacy information through a semester-long finance course, or through student-run financial literacy organizations. One such organization on campus is the Financial Literacy Club for Minorities Club.
Founded by BHS junior Johanna Sanchez, the Financial Literacy Club focuses on filling a gap for some students who lack financial knowledge by providing a space for students to learn about managing money and making informed financial decisions.
“Whether it’s understanding how to use credit and debit cards, planning for a 401(k), or saving for college, there aren’t enough safe spaces for these conversations,” Sanchez said, “We want to create a safe and supportive environment where they can learn and thrive.”
The club’s first idea is to teach students the basics of financial management. Topics such as the use of payment cards, checking accounts, and making deposits will help students understand how to manage their money. As the club progresses, Sanchez plans to introduce more advanced topics, including investments and historical context behind financial disparities, particularly among minority groups.
“We are focusing on the basics: understanding credit and debit cards, checking accounts, and deposits,” Sanchez said, “As we grow, we plan to introduce more advanced topics like investments … We’ll explore how historical events and systemic issues continue to affect minorities, especially in areas such as business and investing.”
For club members, this initiative provides a valuable opportunity to earn essential financial skills. Students believe the club will equip them with the knowledge to make informed financial decisions, both now and in the future.
“Finance … (is) such an important life skill; learning how to handle debit, credit, and invest in stocks. A big motivator for me was my mom. She wants to learn about this stuff too, but it’s hard to figure it all out just by searching online. So this club gives me an opportunity to learn and also teach her what I’ve learned,” Nico Schmidt, a BHS sophomore, said.
“If you learn the terms and concepts early, it’s harder for people, like in real estate or other industries, to trick you into thinking something is a deal when it’s not. You’ll be able to understand if you can actually afford things, like a mortgage, and make better decisions,” Mollie Fuller, a BHS freshman said.
Sanchez hopes to bring in guest speakers who can provide insights into financial success and discuss the challenges that minorities face in achieving financial stability. “We want to discuss topics like Black Wall Street and the systemic barriers minorities face in achieving financial success,” Sanchez said, “We plan to bring in outside resources, like lessons from Charles Schwab, to ensure credible and accessible information. We also want to have guest speakers when we need expert knowledge on specific topics.”
The club’s goals extend beyond education; it also seeks to make positive impacts on the community. Sanchez hopes to host events such as fundraisers and partnerships with nonprofit organizations to give back to those in need. One vision is raising scholarship funds to help students save for college and reduce debt.
“We want to host more events at BHS, like fundraisers and guest speaker sessions. We are also looking to give back to the community, potentially by supporting unhoused individuals or partnering with nonprofits to create a meaningful impact,” Sanchez said, “One of our main goals is to fundraise for scholarships. This would help students save for college and reduce student debt, which is a major barrier for many families. By reducing that burden, we can help increase financial stability for minority families over time.”