New Financial Literacy App Aims To Close Racial Wealth Gap

MINNEAPOLIS (WCCO) -- A new program launching on Juneteenth is taking a different approach to help one of Minnesota's biggest problems -- the disparity gap between races. It's also helping young people tee up for financial success.

Tiarra Gordon, one of Starbucks' newest baristas, is enjoying her first job and the paychecks that come with it ... but that can get tricky.

"I'm a senior, so I have things I want to save up for: college, or if I want to buy a car," she said. "But you're also, like, 'I want those shoes, I really want that.' You run into that dilemma."

That choice is the focus of a forthcoming program called My Money, My Destiny. Started by Newday Financial Services, it will allow Twin Cities students to create their own bank and savings accounts.

The catalyst for the program was the death of George Floyd last year.

"It was: what can we do beyond lending our support for BLM? We as an impact organization knew we needed to do a lot more," Newday Impact CEO Doug Heske said.

Several Twin Cities financial institutions are in on this. It will be an app and program aimed at reaching a population that's often underserved. The program is focused on serving, specifically, Minnesota students of Color.

Delores Henderson has 50 years' experience as an educator, and she is the executive director of the program.

"We talk about closing the achievement gap, and in order to do that, they must have opportunity," she said, "talking about financial literacy and how important it is for them, and it's about building a future."

Speaking of the future, Gordon is planning to become a doctor, and is interested in the program to meet her goals.

"I want to invest, own property, and own property to rent out to people too," she said.