Financial literacy is a critical issue in the United States, especially among this contemporary uncertainty.
According to a recent survey conducted by Standard & Poor's, just half of all Americans are financially literate. That means that some 50 percent of U.S. citizens aren't knowledgeable about things like inflation and risk diversification. In a vacuum, that's a concerning statistic, but in the context of the present financial world, it's even worse.
At Spave, our entire mission is to promote financial wholeness. That's why we're so passionate about helping people to take control of and gain confidence in their finances.
It's also why we're proud to announce our latest nonprofit partner, Lemonade Day Houston. It's the flagship location of the greater Lemonade Day organization, which started in Houston in 2007 in response to our society's financial literacy deficit.
Lemonade Day was founded by entrepreneur Michael Holthouse, who saw a need for early business and financial education when his daughter tried to raise money for a pet turtle through her own lemonade stand. Holthouse's idea was to create a curriculum that teaches young people the fundamentals of business through the traditional and quintessential first business — a lemonade stand.
Sixteen years later, Lemonade Day has expanded into more than 90 cities and has impacted tens of thousands of children, giving them the foundational knowledge about personal finance and business to help them find their own financial wholeness and overall success in life.
Lemonade Day provides kids with a mentor who guides them through a fun and experimental four-module curriculum that immerses them in the basics of business through firsthand experience with their own lemonade stand.
Bailey Kinney, executive director of Lemonade Day Houston, says that guidance is the most transformational element of the nonprofit's programming.
"Mentors are what makes our program so special," she said. "Children need to be able to lean on somebody as a role model."
Lemonade Day mentors are parents, caretakers, and volunteers from the local business community. The nonprofit partners with many schools and districts, too, which allows teachers to serve as mentors in the program. Lemonade Day also works with community and faith-based organizations to provide its programming to kids.
The four modules taught to participants are:
- How to set a goal: Lemonade Day teaches kids what saving, spending, sharing, and learning goals are and how to set them for themselves.
- How to make a business plan: The nonprofit explains the importance of strategizing for a business.
- How to work the plan: Lemonade Day walks kids through how to run their own lemonade stand, from actually constructing the stand all the way to marketing it to customers.
- Business results: The organization and youth entrepreneur review the entire process with kids and celebrates their success.
Along the way, kids learn invaluable, tangible lessons like how to set a budget, how to open a bank account, and how to contribute to charity. But they also learn precious intangible ones, like how to work together with others.
"They're learning problem solving, communication, teamwork, a sense of responsibility, a sense of purpose," Kinney said. "These skills oftentimes are even more important than the financial literacy aspect.
You can help Lemonade Day impact even more children and improve so many futures. Your $10 donation provides a child with the entire curriculum. The organization is also always looking for more mentors and volunteers. Your support will pay dividends countless times.
"It's been proven time and time again that once the seed of entrepreneurship is planted it stays with a child forever," Kinney said. "As they grow, they remember and build on this experience of how to walk the steps of learning to start their own business."
Lemonade Day reaches kids from at-risk situations, empowering them to make a generational impact on their families and communities.
"We're breaking down those barriers for children and helping them achieve confidence and a new mindset of a can-do attitude for the rest of their life," Kinney said.
As an organization committed to helping people improve their financial wholeness, Spave is excited and proud to partner with Lemonade Day Houston as it carries out that same work with the next generation. You can support Lemonade Day through our app. Set up automatic, recurring donations to the nonprofit, or make a one-time contribution. Your generosity will help Lemonade Day as it grows and expands its impact on even more young lives.
You can also get involved with Lemonade Day. Click here for more information.