But they’ve learned from me over the years that that’s not really investing. I don’t have much of a relationship with crypto, and in fact Charles Schwab doesn’t offer it, because it’s not regulated-it’s not approved by the Securities and Exchange Commission-and until it is, only then we will offer it to our investors or our clients. But right now it’s seen as very risky, and a lot of young people, including my own boys, all want to invest in it-and they do. You have to have basic personal finance knowledge to be a good worker, and it also affects people going to college.Ĭryptocurrency is quite popular now. It contributes to the lack of job readiness. It contributes to wealth or gender inequality.
In my mind, a financial education is one of the great equalizers in our society, and the lack of financial literacy contributes to so many social issues in our country, and people don’t even really think about it. They’re starting to make it a requirement in high school to graduate. But it’s a very slow process. A lot of it has to do with the fact that there’s been really no formal way for us to learn as a society, and very few schools teach personal finance, though that’s starting to change state by state. Unfortunately, I’ve learned from my many years in business and in philanthropy that a lack of financial education cuts across Americans from all walks of life. You would think that we all would know personal finance-you know, basic investing and budgeting and how to use credit cards. So why do you see these problems of financial literacy in the U.S., which is one of the most developed countries?
So when I started working for the Charles Schwab Foundation, which is the company’s philanthropic arm, I restructured it so we did focus on financial literacy for all Americans. I found myself very passionate about taking my father’s vision, and I wanted to help even more Americans-like women or communities with under-resourced populations.
I started as a file clerk and then learned about investing as well. I was only 16 years old, and worked my up. I started working for the company really when it was a startup. My father is very well known for starting an investment firm that wanted to democratize and make investing more accessible, so you can say that that is very much a part of who I am. Can you tell us about your childhood, your upbringing? What did your father teach you?
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