YAB Newsroom
STATE FARM YOUTH ADVISORY BOARD GRANTS MORE THAN $275,000 FOR FINANCIAL EDUCATION
August 22, 2011
STATE FARM® YOUTH ADVISORY BOARD GRANTS MORE THAN $275,000 FOR FINANCIAL EDUCATION
Bloomington, Ill., Aug. 22, 2011– State Farm’s Youth Advisory Board has awarded grants for projects which include offering free tax preparation services to low-income families; managing personal finances; and even establishing a student-run bank in a school.
The service-learning based, youth-led projects focused on financial education across the United States and Canada were awarded $275,254. The projects are part of a $5 million allocation the Youth Advisory Board administers on State Farm’s behalf.
Personal financial education is rapidly becoming a significant economic topic. A working knowledge of financial matters makes it easier for consumers to save for major purchases such as buying a home or saving for a child’s education. Currently, a majority of Americans use a line of credit to purchase goods or services and often are unaware of how interest rates are applied and the debt that can accrue.
As a result, the State Farm Youth Advisory Board selected financial education as one of five issues to address in their grant process. Other issues are environmental responsibility, driver safety, disaster preparedness and access to higher education/closing the achievement gap. The winning grants clearly outline how youth, through service-learning, can make positive change in their communities.
For a complete list of funded projects, visit www.statefarmyab.com.
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About State Farm®:
State Farm insures more cars and homes than any other insurer in the U.S., is the leading insurer of watercraft and is also a leading insurer in Canada. State Farm's 17,700 agents and more than 67,000 employees serve 81 million policies and accounts – almost 79 million auto, fire, life and health policies in the United States and Canada, and nearly 2 million bank accounts. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 31 on the Fortune 500 list of largest companies. For more information, please visit statefarm.com® or in Canada statefarm.ca®.
About the Youth Advisory Board: The State Farm Youth Advisory Board is a diverse group of 30 youth, ages 17-20, who were chosen through a competitive process to lead and oversee this $5 million/year signature service-learning initiative. The Youth Board identified the issues, issued competitive grants and will now provide technical assistance, communication and oversight to site grantees.