Breadwinners Academy Bridges Wealth Gap Through Financial Literacy

“Financial literacy wasn’t taught to us in school and that was the norm growing up.”

Banking is a major feature of our Be Your Own Boss entrepreneurship program. At the beginning of April, Shaw HS students visited Erie Bank to learn about consumer and business banking. The students also opened their very first bank account.

Written by: Tyisha Blade & Jason Lockett Sr.

April is Financial Literacy Month and the team at Breadwinners Academy are making sure communities have the right financial tools to make smart money decisions. Breadwinners Academy is a non-profit organization that focuses on low to middle income communities. The academy teaches financial literacy in high schools, colleges and community centers across Northeast Ohio, Columbus and the University of Pittsburgh. The organization provides education on subjects such as saving, budgeting, home & auto purchasing, credit, investing, insurance, taxes, banking, and entrepreneurship. Executive Director, Jason Lockett Sr. said their mission is to bridge the wealth gap through financial literacy.

Lockett said the misformation of financial literacy is a vicious cycle that continues to spread in our communities. The lack of knowledge is passed down from one generation to the next and most families learn the basics of managing their finances through experience. “Financial literacy wasn’t taught to us in school and that was the norm growing up,” Lockett said. “We either learned from experience or from our parents.”

The Breadwinners Academy website affirms that life is considered the best teacher. The organization is on the mission to prepare every student to ace the financial exams in life. “My team and I want to get out there and do our part to make the communities a better place,” Lockett added. “We also want to make [financial literacy] fun and teach it in a way that we understand.”

Breadwinners Academy uses initiatives such as the ‘We Outside Tour’ to introduce the academy’s curriculum to the community. Once per quarter, the academy utilizes workshops to partner with other non-profit organizations, events and community centers to provide awareness about financial literacy. “We use networking events, schools, pop-up shops and open houses,” Lockett said. “We are going to attend and provide valuable financial information. That’s our mantra, The ‘We Outside Tour.’”

A ‘We Outside Tour’ event included the Community House Party. Breadwinners and Erie Bank partnered for the March 2023 event held at Step

Forward’s Head Start located on Euclid Ave. in East Cleveland. Erie Bank is a division of CNB Bank that “provides the personalized customer service of a community bank while offering access to the high-tech products and services typical of a big bank.” Lockett said he discussed creating a credit and home buying event with Erie Bank’s Community Responsibility Officer, Kevin Dixon. After weeks of brainstorming, Lockett decided to have a 90s-themed house party that offered education on the Fair Isaac Corporation (FICO), the home buying process, the Erie Bank’s Community Home Loan and other topics geared toward informing the community. The partnership applied craftful and creative activities to involve community members. “We want to make it fun. We want to make it exciting and engaging,” he said. Lockett plans on providing house parties twice per year; one event on the east side, the other on the west. He said it is vital for residents to understand owning homes and land.

Lockett also teaches financial literacy at Shaw High School on Mondays and Wednesdays. “We are in 13 schools right now and Shaw’s group is probably my favorite.” He teaches the students five pillars of personal finance: earn, protect, grow, save and invest. Later in the semester, students play the ‘Get to the Money’ game. Lockett said the game is the final exam of the course. He modeled ‘Get to the Money’ after the popular game show ‘Family Feud.’ The class is split into two teams and, after preparing for the exam with a study guide, the teams compete to test their knowledge. Cash prizes range from $500 to $750. “It makes me cry to see the students retain all this information,” he said. “It’s so crazy and they can apply [what they’ve learned] to the next few stages in life.”

The Be Your Own Boss Program is a semester workshop offering eight interactive sessions. The workshop is designed as a hands-on experience that helps students turn business ideas into plans and execution. Lockett said he created the program because there are many great business ideas, but students don’t usually know what’s required to structure the idea into a business. He helps the students create step-by-step financial and marketing plans to bring their ideas to fruition. Students are also educated on operating agreement creation and others that aid in starting their businesses. After the program is complete, students attain a filing status for their businesses (LLC, S Corp, etc.). Breadwinners Academy aids in a variety of other areas including, but not limited to building websites, creating logos and providing business cards. The academy also welcomes guest speakers from all areas of business to talk to students during class.

Lockett notes that financial literacy is important because the concept reaches every facet of life. “Regardless of your career path or what you plan on doing in life, you have to know how to manage money,” he said. “It contributes to the overall wellness and health of you, your future and your family.”