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The Birmingham Council on Tuesday approved $1 million to extend a financial literacy program for K-12 students in the Magic City.
The city launched the IMC Financial Freedom Project in 2022. Officials said in a news release that the program provides students “with interactive, culturally relevant financial education while connecting families, teachers and school staff with workshops, individualized financial consulting and resources to strengthen financial wellness.”
City staff said the project has reached 3,797 students across 20 schools and helped facilitate $1.25 million in student loan forgiveness through the Public Service Loan Forgiveness program.
The program began as a partnership among the City of Birmingham, IMC Financial Consulting and Birmingham City Schools, initially launching at six schools during the 2022–2023 school year before expanding to all schools.
“Financial freedom starts with knowledge, and we have a responsibility to make sure our young people have that knowledge before they enter adulthood,” Mayor Randall Woodfin was quoted as saying in the news release. “This investment gives Birmingham students the tools to make informed financial decisions, build wealth and create opportunities for themselves and their families. When we invest in the financial future of our children, we invest in the future of Birmingham.”
Woodfin and other city leaders have made investment in youth services a major policy priority, calling the efforts the Cradle to Career initiative. Recently, the council approved plans to leverage property tax revenues to build a career technical center.
According to city officials, the Financial Freedom Program offers students as well as their caregivers and educators access to monthly workshops and no-cost, confidential one-on-one financial consulting to identify financial challenges, establish immediate action steps and connect with additional resources.
The program recently launched an investment club in partnership with Edward Jones, giving students an opportunity to apply what they learn and develop practical investing skills. “Financial education is most powerful when it moves from the classroom into everyday life,” said Isaac M. Cooper, founder of the IMC Financial Freedom Project and CEO of IMC Financial Consulting. “This investment allows us to go deeper — to help students understand money, help families strengthen their financial foundations and help educators become champions for financial wellness. We are building more than financial literacy; we are building a generation prepared to create, protect and transfer wealth.”
