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Business
Novice Professionals Reflect on Success of Young Money Managers Program
Sam P.K. Collins WI Staff Writer
For years, legions of young people enrolled in the Young Money Managers program not only learned about financial literacy but taught what they’d learned to their peers during the summer, all while conducting research about the effectiveness of the growing program.
As the Young Money Managers program enters its 10th year, officials at the D.C. Department of Insurance, Securities and Banking (DISB) have expressed a desire to provide internships during the school year.
Meanwhile, some Young Money Managers alumni, like Shinada Phillips, credit the program with jump starting their career in District government.
Phillips, 31, joined Young Money Managers at its infancy in 2013 upon her graduation from the University of Lynchburg – then Lynchburg College in Lynchburg, Virginia. She counted among those who built the program and assigned students to summer youth employment sites across the District to teach other young people about financial literacy.
She said her passion for the topic brought her into the government operations and outreach space, where she continues to serve today.
“The program exposed me to financial literacy,” said Phillips, a District government management analyst with aspirations of running an agency.
“It’s beautiful just being able to see the cohorts of people across the city of different backgrounds getting into financial literacy and personal finance,” Phillips said. “That program allows me to leave a legacy that serves youth and underbanked adults so they can empower themselves and be financially literate.”
DISB’s Young Money Managers program, supported by Summer Jobs Connect – Cities for Financial Empowerment Fund, has gained national recognition with agencies in St. Louis, Chicago, Miami, Syracuse, New York and Baltimore developing programs with a similar framework.
In total, 190 young people between the ages of 18 and 24 have participated in the Young Money Managers program since its inception. The program recently started accepting youth as young as 16 years old as part of a financial services academy.
This past summer’s cohort delved into aspects of banking, along with insurance, securities and investing. As has been the case for several years, DISB hosted a practice networking and a luncheon during which representatives of the Federal Deposit Insurance Corporation spoke with students.
In the first three weeks of the nineweek program, participants learn about various aspects of banking and finance, all while sharpening their presentation skills in preparation for their excursions to various summer youth employment sites.
The youth also take on jobs such as Young Money Managers data analyst, social media analyst and facilitator. They do this as they immerse themselves in financial education, professional development and networking, along with resume preparation and review.
DISB recently added a business writing component, as part of what DISB Director Michelle Hammonds described as a well-rounded experience.
“We’re teaching young people layers of personal finance and how to manage and facilitate a program,” said Hammonds, who carried on the program from her predecessor in 2016 when she took over DISB’s Office of Financial Empowerment and Education.
“We ultimately act more as a caveat so they can learn how to do the work we’re doing. It aligns with DISB’s work because we’re doing financial education in the community. We partner with those [summer youth employment host sites] so young people can come out and share this
5 Michelle Hammonds, pictured at a recent event commemorating Young Money Managers’ 10-year anniversary, carried on the program from her predecessor when she took over DISB’s Office of Financial Empowerment and Education in 2016. (Courtesy photo)
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James Wright WI Staff Writer
Washington, D.C. area political leaders remain upbeat about the region’s prospects for economic growth as the coronavirus pandemic wanes and people return to pre-pandemic modes. However, they’re also cognizant of challenges that must be addressed including the lack of affordable housing.
Four political leaders, D.C. Mayor Muriel Bowser, Montgomery County Executive Marc Elrich, Arlington County Board Chair Katie Cristol and Fairfax County Board of Supervisors Chair Jeffrey C. McKay, participated virtually in the D.C. Chamber of Commerce’s State of the District & Region Conference on Sept. 30, sharing their perspectives.
“Everybody is struggling to figure out what the future will be,” Elrich said.
Bowser said the District has bounced back from the negative impact of the pandemic.
“We have recovered,” the mayor said. “We are lucky in this region in that we haven’t had huge impacts on income. As a matter of fact, some workers saw increases in their incomes while others lost income due to their employment in the hospitality and entertainment industries.”
Bowser said people should be prepared for a slowdown in the economy in the near future based on the actions of the Federal Reserve Board. She noted that the commercial real estate sector has recovered “pretty well,” adding that the District government will report “more revenues than expected” for the past month.
Bowser’s financial prediction would be confirmed in D.C.’s September 2022 Revenue Estimate with the forecast for local fund revenue revised upward for fiscal year 2023 by $93.7 million with a total revision upward of $451 million across fiscal year 20222026.
Cristol said despite the uncertainty of the future, legislators continue to anticipate how to prepare for the next few years.
“We are seeing a total transformation of commercial space,” she said, adding that Arlington has a high office vacancy rate with which to contend.
5 Muriel Bowser is the mayor of the District. (WI File Photo)
McKay said Fairfax residents have given its government high marks on its performance during the early part of the pandemic.
“Over 70% of residents complimented us on the pandemic,” he said. “Fairfax put out $70 million for local businesses to survive during the pandemic. There will be many years of potential impact due to COVID. We still have not ended our state of emergency.”
Elrich said Montgomery County has gotten to a good place economically and seeks to engage business owners on what the government could do to meet their needs in order to foster growth and stability.
All of the leaders agreed that an affordable housing crisis exists in the Washington area.
“The Washington, D.C. region is incredibly opportunity rich and an incredibly high-cost area,” Cristol said. “We have a regional housing shortage.”
Elrich said in Montgomery County, there are 50,000 residents who earn about $150,000 a year and have a problem finding affordable housing.
“It will take about 75% of housing to be subsidized [by the government] to be affordable in the county,” he said.
McKay said previous county leaders set a goal of 10,000 new housing units by 2034 and he will work to see that happen.
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“This board has prioritized affordable housing,” he said. “The 10,000 housing units goal is just one piece we are doing on behalf of affordable housing. Every option is on the table. We would like to focus our affordable housing near Metro stations. Plus, we want affordable housing everywhere in Fairfax County, not just in certain areas.”
Bowser noted her goal of 36,000 new housing units by 2025 and said she agreed with McKay on where affordable housing should be located.
“Affordable housing should be in all eight wards,” the mayor said. “The private sector won’t do it by itself. I will continue to press for a regional goal on housing.”
WI @JamesWrightJr10
