Video: Alumni Financial Literacy Venture on CBS Evening News, Katie Couric's Blog
Story posted July 31, 2009
Sixty-two percent of college seniors have at least four credit cards with an average balance of $4,000. Many graduate from college already saddled with significant debt but without the financial know-how to make savvy choices.
Enter EverFi, a provider of Web-based software that teaches young adults to manage their money. It's the brainchild of three alumni — Jon Chapman '96, Tom Davidson '94 and Ramon Martinez '96.
EverFi was featured in a segment that aired July 16, 2009, on The CBS Evening News with Katie Couric, showcased as part of the newscast's "Children of the Recession" series. Watch the segment.
In the accompanying article, "Virtual Finance 101," posted to Couric's blog, Davidson, EverFi's CEO, spoke of the lack of financial literacy among the country's young people — and the dearth of financial education in its schools.
"We teach driver's ed, we teach algebra, we require a lot of things of our young adults when they come out of schools," Davidson said in the article. "It's amazing to me that we don't require this." Read the article on Katie Couric's blog.
Davidson and his fellow alumni created the unique software comprising a five-hour series of Web tutorials that let students explore real-world situations that run the gamut from a used-car dealership to the floor of the New York Stock Exchange. In doing so, they learn about saving money, earning interest and managing debt.
Davidson says states are beginning to recognize the importance of teaching children about money. "When we started this company, only four states required financial literacy of any kind," he said in Couric's blog. "We think it will be over 30 by the end of this year and eventually all 50 states will have it, so it's definitely moving in that direction."
Davidson and EverFi were also profiled in a May 13, 2009, Fortune/CNNMoney.com article. Read the article.
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