Financial literacy

Associated Press launches financial literacy reporting team supported by Charles Schwab Foundation

The Charles Schwab Foundation, a separate charitable arm of Westlake-based Charles Schwab Corp., is awarding a grant to The Associated Press to support a reporting team focused on improving financial literacy among diverse audiences.

The team will work over the next two years to reach people of color, Spanish speakers, and middle- and low-income households with information about personal finances, according to AP. Neither AP nor Schwab disclosed the amount of the grant.

The two-person team will be overseen by AP’s business news department, said Lisa Gibbs, director of partnerships for the news department. AP said it would retain editorial control of the content.

“There is a financial illiteracy crisis in the United States that is unfolding against a backdrop of growing wealth inequality,” AP Global Business editor Noreen Gillespie said in a statement. “As the government programs that have supported Americans’ finances during the pandemic begin to fade, many vulnerable people are likely to face new challenges.”

Carrie Schwab-Pomerantz, president of the foundation, said financial literacy is an essential life skill that everyone needs.

She said the foundation “helps level the economic playing field by supporting the creation of personal finance content that meets the financial needs and wishes of underrepresented individuals and communities.”

Since 2010, the foundation has awarded grants totaling more than $56 million. More than 3,522 nonprofit organizations received total financial support of $10.2 million from the foundation last year. According to 2019 foundation tax returnsit grossed over $9 million in revenue.