The Money Hub

Using the power of technology and story-telling to teach financial literacy to the youth.

Photo of Mohammed Faisal
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Eligibility

  • I am not an employee of BNY Mellon, or an immediate family member of a BNY Mellon employee
  • I am over 18 years of age
  • My organization is incorporated as a non-profit, for-profit, or hybrid organization, or I have a partner that is incorporated and could accept funds on my behalf
  • I have already piloted my initiative and have some initial evidence of impact
  • My organization is headquartered and creating impact in the United States

Gender

  • Man

Where are you making a difference?

New York: New York City (five boroughs)

Focus Areas (required)

  • Business & Social Enterprise
  • Children & Youth
  • Development & Prosperity

Date Started

August / 29 / 2016

Organization Type

  • nonprofit/NGO/citizen sector

Project Stage: Select the description below that best applies to your approach.

  • Start-Up (first few activities have happened)

Budget

  • $1m - $5m

Website or social media URL(s) (optional)

http://moneyhubnyc.org

http://glendaleregister.com/pages/full_story/push?article-The+Money+Hub+wants+to+make+financial

Twitter URL

https://springbankny.com/financial-empowerment-for-the-next-generation-of-leaders-in-nyc/

https://twitter.com/moneyhubnyc

Facebook URL

https://www.facebook.com/moneyhubnyc

https://www.instagram.com/moneyhubnyc/

LinkedIn URL

https://www.linkedin.com/company/moneyhubnyc/

https://www.sosmusicmedia.com/podcast/?offset=1526824800930

1.Founding Story: Share a story about the "Aha!" moment that led the founder(s) to get started or the story of how you saw the potential for this to succeed.

As a millenial, a common problem that my peers and I face is feeling constantly broke, that not being financial savvy prohibits us from attaining our goals. One afternoon I was playing basketball with some of my friends and in the middle of their complaints about money problems, I realized that not only did we not have money, we also did not know what to do with once we got it. It made me think, what did we learn in school that prepared us financially? And the answer was nothing. I had some knowledge because my dad messed up, my mom learned, saved, built her credit and got us a stable home. I had an idea to create personal finance workshops and make them relatable and easy to understand.

2. The Problem: What problem are you helping to solve?

According to the New York City Department of Education, the largest public school system in the country, 75% of enrolled students in 2016-2017 school year lived in poverty. About 4 in 10 adults ages 18 to 29 currently have student loan debt. DOE does not mandate personal finance classes. Combine this with predatory check cashing places and payday loans plaguing low-income/ immigrant neighborhoods, young people are set up for failure.

3. Your Solution: How are you planning to solve this problem? Share your specific approach.

The Money Hub works to innovate the way financial literacy is taught through the use of mobile technology. We bring a 4-part workshop that covers full curriculum.

Day 1 students are introduced to our app and use it for initial survey, build dreams into goals, budget and build a savings. Day 2 is all about banking, credit cards and credit scores. They learn the difference between credit and debit card, write a check, compare credit cards, build credit score and buy assets. Day 3 is about Income. Activities include mock interviews and "Shark Tank" style pitch. Day 4 is half Investments and half is competing in our game mode within the app. The app generates a progress report using our algorithm to see increase in knowledge and compares result with their age group. Students have full access to app for continued application of money-savvy behaviors.

We teach using anecdotes and story-telling to grasp in our students, whiteboard animated videos to simplifying topics and app-based games to put into practice what they learn. We train and certify workshop facilitators that create an open environment for interaction, activities for engagement, and mentorship to correct misconception

4. Example: Please walk us through a specific example of how your solution is working to solve the problem.

From our inception, we taught financial literacy at Brotherhood/Sister Sol in Harlem. We conducted workshops for college-bound seniors. We learned that they had misconceptions of student loans, not app savvy and a career path decided solely on highest starting salary. Schools misled them, instead of preparing them, about student loans and instilled no sense of the cost of college living. We taught about alternatives such as grants and fellowships to cover cost, apps for budget and importance of credit scores. We aid in realizing their financial future is under their control and how exciting that is! We proposed a challenge, graduate with no credit card debt, a savings, and 750+ credit score. They will message our Instagram when they achieve it, verify in app and reek the rewards. Two years in, our first year alums have a budget and a credit card. We expect those Instagram messages soon.

5a. Too many people in the U.S. have unmet needs for financial products and services. How is your work reaching a population(s) that is currently underserved? If it is not reaching an underserved population yet, how might it in the near future?

Our target population are low-income and immigrant neighborhoods. We currently conduct workshops in some of the poorest tax brackets and poorly funded school zones. We work in Harlem, South Bronx, Brooklyn, Far Rockaway, and my hometown of Jamaica. We are in these neighborhoods teaching young people about the digital access to financial products and services all while keeping them away from predatory activities. We have been recognized for our work by Queensledger, Spring Bank, and Bronxnet One.

5b. Please specify if the population you are reaching is underserved due to any of the following characteristics:

  • geography
  • immigration status
  • race/ethnicity
  • gender
  • age - youth
  • socio-economic class

6. Marketplace: Who else is addressing the same problem? How does the proposed project differ from these approaches?

There are many programs and initiatives that seek to teach financial literacy but they do not have the full formula for getting young people of color fully interested in caring about their money. There are organizations that do workshops, but facilitators are not relatable to the kids. There are those that use story-telling but the stories don't encompass the struggle of growing up colored and poor. There are apps out there that candy crush-ifies finlit, but they don't leave with actual, applicable components. Our combo of people, stories and tech has the juice to make it real for them.

7. Impact: How has your project made a difference so far?

Our goal is to make being financially savvy cool. To do this our teaching style is not traditional. We measure impact through activities, games and competition. They are taught through anecdotes that are both relatable and applies to their situation as a person of color growing up in an expensive city. We track through intake surveys and performance in activities. Their test is our financial literacy gaming app where they apply what they learned. We compare their pre-survey with game scores, coupled with participation and application, increase in literacy is determined. In a span of 1.5 years we have worked with 15 different organizations. We have conducted 51 workshops impacting approximately 800 students. We have awarded amazon gift cards to 16 teams. We have 90% approval rate, 95% retention rate and 100% fun. All this accomplished through the starting team and no funding pursued yet.

8a. Spread Strategies: Moving forward, what are the main strategies for scaling your impact?

Our strategy for scaling is through the development of our technology and facilitators. This is a route onto annual budgets of hosting organizations and schools. We want to do entire workshop through the app and offer it to hosting organizations. It will come with training facilitators on usage and teaching our style. This means subscription for the tech and training annually. Increased app user means sustainable, ethical revenue, better assessments of performance. Award will develop out our app, increase visibility and will bring us new partners that can host us or sponsor newer projects.

8b. If applicable, which of the following scaling strategies have you launched?

  • Organizational Growth
  • Open Sourcing
  • Industry Standards (labels, certification, awards, etc.)

9. Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

Keeping a solid, long-term contracts of funding and revenues with multiple streams. The start-up cost of the technology-workshop model is low compared to the amount of kids we can reach. This means more funds can be allocated towards growth. Our biggest source is to get contracted by the DOE, largest in the country. That means we're in every school, also increasing app revenue. We will have foundations, city, federal and the mayor's office funding for growth projects as well.

10. Team: What is the current composition of your team (types of roles, qualifications, full-time vs. part-time, board members, etc.), and how do you plan to evolve the team’s composition as the project grows?

Our board approves our curriculum plan and it consists of educators, financial professionals, executives, financial literacy advocates with 10+ years of experience teaching and community leaders. Co-Founder, Columbia MPA, investment banker and teaches entrepreneurship. CTO and Director of Communication design and manage development of app and tech. Workshop facilitators consist of JP Morgan bankers and Economists who look like the kids they teach. Program Managers that bring us all across NYC.

Help Us Support Diversity! Part 1 - Which of the following categories do you identify with? (optional)

  • Self-identify race, ethnicity, or origin

If you replied "Self-identify race, ethnicity, or origin" in the question above, please specify. (optional)

I am a Bengali American. Our marginalization gets lost in the categorization as Asian Americans.

Help Us Support Diversity! Part 2 - Do you identify as part of any of the following underrepresented communities? (optional)

  • Communities of color
  • Low-income community

How did you hear about this challenge?

  • Email
  • Other

If you replied "Other" in the question above, please specify. (optional)

Recommended by John-Paul Parmigiani, Director, Impact Hub New York City

Organization name

The Money Hub

Empowering Communities Through Financial Literacy

Program Design Clarity

a) We conduct in-person workshops to teach application of financial literacy. We built our own curriculum for gen z and provide performance report to hosts. B) We conduct our workshops at public, charter schools, community centers and organizations that cater to the neighborhood youth population. C) We operate year around, conducting 50 workshops, impacting 700+ students to date. d) 1.5 hour each workshop e) Facilitators, finance background, including myself.
f) We assess feedback from students to improve our style and curriculum. Afterwards we update to better serve and never be outdated.

Approach to financial wellbeing: does your project focus on creating financial wellbeing through innovating on any of the following?

  • education / literacy
  • other

If you marked "Other" in the question above, please specify:

How to think about careers and sources of income. Bridging the gap between their dreams and potential careers.

Innovation type: Please select which of the following types of innovation best characterize your work

  • Process innovation (execution of a new or considerably improved production or delivery method)

Partnerships in detail: tell us about your partnerships that enhance your approach.

Partners who are already serving our target population: Bro/Sis Sol, incoming cohorts each year from Uptown and Bronx. Workshops in main facility and in schools. Variety Boys and Girls Club of Queens, provided workshops in main facility and their beacons. Bronxwork, providing workshops in their community centers. Now looking to be part of their budget.
Paid Partnership: Brooklyn College TRIO Program and Hunter School of Social Work
Bank: Spring Bank to provide Savings and Credit accounts

If you won the Unlocking ₵hange Challenge, how would you invest the prize money of $50,000?

The prize money will be invested in the students directly through iteration of our tech and expansion of our teaching style through training facilitators . Bottom line, the funds will boost our scalability, track performance for impact and solidify revenue stream for sustainability beyond grants.

Awards & Recognitions: What awards or recognitions has the project received?

Colin Powell Community Engagement fellowship. 5k and mentorship.
Impact Hub NYC 2018 "Cohort 30 for 30"- startups that are working towards the U.N. 2030 Sustainable Development Goals. Co-working and workshop space, mentorship, and intro to partners.
The Impact Club- First Mover
Cover story for Brooklyn Star
Guest on Bronxnet One show
Featured on Spring Bank blog
Health in Harlem radioshow

3 comments

Join the conversation:

Comment
Photo of Talib Graves-Manns

I like this idea, and would like to learn more. We are based in NC.

Photo of Mohammed Faisal

Hi Talib. I appreciate the support! Reach out to my email at faisal@moneyhubnyc.org

Photo of Talib Graves-Manns

Will do.