Goal-based savings and financial literacy app Goalsetter, has teamed up with Robert F. Smith, chairman of Vista Equity Partners, Black TikTok Influencers, and Sean Ali-Waddell, Jr., activist and cousin of Muhammad Ali, in a Juneteenth movement to sign one million Black youth up for Goalsetter savings accounts.
The #SavingOurSelves initiative, designed to help break the cycle of generational poverty in the African American community by teaching financial literacy and championing family savings, is the brainchild of Goalsetter’s Founder and CEO, Tanya Van Court. Juneteenth (June 19th), is the day that marks the end of slavery in America in 1865.
“After enduring generations of inequality, disenfranchisement and marginalization, the African American community as a whole continues to struggle to achieve financial independence,” says Van Court. “Goalsetter provides a gateway to overcome financial hardship by educating youth at the earliest ages and demystifying savings and wealth creation. We are excited to play a leadership role in helping our young people to achieve financial freedom and build a better tomorrow for themselves and their families.”
“Juneteenth is a celebration of our freedom from slavery, but African-Americans can’t truly celebrate freedom until we are financially liberated and the wealth gap is closed,” says Robert F. Smith, chairman of Vista Equity Partners and Goalsetter investor. “By giving Black youth a Goalsetter savings account and financial literacy app to engage with, created by a Black entrepreneur, we can change the way a whole generation learns about money and thinks about building wealth. Early savings can have a profound, long-term impact on our entire community,” says Smith. In 2019, Smith gifted Morehouse College, a Historically Black College and University (HBCU), with $34 million dollars freeing nearly 400 graduates and their families of crippling student loan debt so graduates could begin their lives debt free.
In 2020, Black Americans are still feeling the economic burden of centuries of racism. “Studies have shown that White Americans have 10 times the net worth of Black Americans, and Black Americans are projected to have a negative net worth by 2053,” adds Van Court. “Young people who have savings accounts in their names – no matter how much is in them – are six times more likely to go to college and four times more likely to own stocks as young adults. Our job as a community is to show young people the way forward and support them.”
In addition to partnering with leading community organizations, Goalsetter is partnering with Black TikTok Influencers during their “Blackout” on Juneteenth to spread the word about the #SavingOurSelves campaign, and encourage their followers to sign up for savings accounts through the Goalsetter app. Skai Beauty, TikTok Creator and student at the HBCU Florida A&M University (FAMU) says “Black Lives Matter is the top trending hashtag on TikTok. That means that Black creators are fueling the economy of TikTok yet are not able to participate in that wealth creation. We are spreading the word about this movement because financial freedom can only be achieved if Black people learn to build wealth as early as possible and are able to participate equally in the wealth that we create.”
Sean Ali-Waddell, Jr., activist, cousin of Muhammad Ali, and HBCU student at Howard University adds “Getting one million Black kids to save is like teaching a million slaves to read. It’s putting them on the path to freedom.”
To learn more about Goalsetter visit Goalsetter.co or download the Goalsetter iOS or Android app.
