Multi-faceted financial literacy initiative serves preschoolers through young adults  

“Atlanta is booming with entrepreneurial opportunities left and right, but there is a critical need for education and capital for minority and female leaders entering the [business world],” according to an announcement from the East Lake Foundation of what it describes as “a comprehensive approach to building economic security and opportunity in [the East Lake] community.”  

The foundation said that its financial literacy plan has “multiple initiatives that address different life stages and economic circumstances.” There are programs for participants from preschool into young adulthood. 

“Financial literacy, like language literacy, has various benchmarks,” explained East Lake Foundation President and CEO Ilham Askia. “Just as preschoolers can learn to read simple books and read more complex material as they grow older, children as young as kindergarten age can learn what money is and the need to use it wisely. Older youth and young adults need to know how to save, invest, and build generational wealth. They need to know about preparing for retirement, and the role wills and trusts can play in financial planning.” 

The program is designed to help people from families that may historically have not had opportunities to learn about creating and building wealth. 

When these principles are not taught or demonstrated in the family, young people may miss opportunities to create more financially secure lives, Askia said, noting, “I’m a prime example. There are things I wish I had known when I was young, but once I learned, I changed my habits.” 

Askia said she often hears from adults who say they wish they had started saving earlier or had taken advantage of wealth-building opportunities that were present earlier in their lives. 

“Home ownership, for example, is a great way to build generational wealth. There are programs that help young adults buy their first homes so that instead of paying rent they are investing in an asset,” Askia said. “Many students by looking for scholarships could avoid starting their careers with a lot of student-loan debt.” 

The East Lake Foundation was created in the 1990s as a vehicle for revitalizing the area near East Lake Golf Club following several decades of decline. The foundation now describes itself online as “the community quarterback, operating programs and fostering partnerships to build equitable access for community members.” 

After an early focus on quality housing and neighborhood amenities, the foundation now works to enrich the community in many ways, addressing such issues as wellness, education, and community vitality.  

East Lake is one of 28 purpose-built communities across the nation, according to Askia. Purpose-built communities work toward being culturally rich, generationally inclusive, and economically diverse. “We share best practices in addressing the needs of children and families in the community,” she explained. 

East Lake Foundation’s financial literacy program is based on the Harlem Children’s Zone model. “This pioneering program empowers families with tangible resources while advancing the foundation’s mission to support students from cradle-to-college and career success,” the foundation states. 

East Lake is among the communities in which Start:ME Atlanta operates. A program initiated by Emory University’s Goizueta Business School to provide business training, mentorship, and grant investment capital to start and grow resilient microbusinesses, Start:ME Atlanta addresses underserved communities in East Lake by empowering entrepreneurs to grow their understanding of financial literacy and competence. 

Simultaneously, Drew Charter School’s kindergarten class is receiving what the foundation describes as “a transformative gift” through Wealth Builds Atlanta’s Youth Opportunity Fund—$10,000 per student, designed to build lasting wealth and economic opportunity.  

“These initiatives reflect a belief that financial literacy cannot exist in isolation, and this holistic approach is now being replicated in more than 25 communities nationwide,” according to East Lake Foundation.  

“What we’re doing will not just help East Lake. We will pass along what we learn—what worked and what didn’t work—to other communities,” Askia said.