Alleviate credit-dependency and personal debt with a community-based and interdisciplinary approach to form the saving habit among first generation college students through experiential financial education, emoneypool.com, and financial incentives similar to 401K plans.
Emoneypool.com (https://www.emoneypool.com/blog/saving-money-whats-that/) provides a platform for groups of people to work toward a saving goal by pooling the group’s money together and taking turns receiving the pooled amount each week. Our project leverages the accessibility of the technology behind emoneypool and utilizes experiential, community-based learning to teach first generation college students how to save for long-term goals. We are looking to partner with the New School Higher Education Opportunity Program to co-create a pilot financial education program for students. Secondly, we seek partnership with local banks where each student can save their share of the emoneypool and receive a matching contribution from the bank with each deposit, working similarly to a 401K company match.